This is the full statement published by Tom Watson, deputy leader and shadow culture secretary, after Walt Disney agreed to buy 21st Century Fox’s entertainment assets, including a stake in Sky, for £39bn.

This is the end of an era for the Murdochs who after decades of aggressive empire expansion are now in retreat.

The decision to sell off key assets follows their UK business being engulfed in a phone hacking scandal, and ongoing revelations about sexual harassment at Fox News in the USA – scandals which have been in sharp focus recently thanks to the Murdochs’ attempted takeover of Sky.

It’s important for Disney, a highly respected global media brand, that they do not allow the toxic corporate culture we have seen in the Murdoch empire to contaminate their business and tarnish their reputation.

We hope that the company will ensure that no one who still has questions to answer over criminal conduct or corporate governance failure in the Murdochs’ businesses is allowed into the new entity.

We wait to see what impact this proposed merger will have on the attempt by 21st Century Fox to buy Sky, but the Competition and Markets Authority needs to continue its investigation and ensure that the proposed deal does not threaten media plurality or broadcasting standards.