First of all, this is a very well run channel with excellent coverage that provides the only real rolling alternative to the BBC.
Secondly, it is loss making, therefore it is one of the 'good things' that Sky has invested in (alongside channels such as Sky Arts).
Thirdly, it is already regulated in terms of editorial, and apart from the odd ravings of correspondents such as Adam Boulton, provides great, unbiased coverage, in my view (although the spectre of Fox News does cast a long shadow from over the pond).
Surely Jeremy Hunt, OFCOM and the Competition Commission should be looking more closely at macro issues such as those covered by the FCC ruling on the Comcast/NBC Universal merger ?
The real monopolies lie in areas such as sport, where no one can begin to compete with Sky, not in news, where their approach is to be applauded and supported.