The British government will refer 21st Century Fox Inc.’s bid for satellite broadcaster Sky to the country’s competition regulator for further examination, in a blow to Rupert Murdoch’s takeover plans.

Culture Secretary Karen Bradley told lawmakers Tuesday that she intended to refer the takeover to the Competition and Markets Authority because of concerns that the deal might concentrate too much power in one company’s hands. Murdoch already owns British newspapers including the Sun and The Times of London.

And, in a change of view, she said she was also “minded” to refer it out of concerns about broadcasting standards. Bradley said there is a risk that the merger would not be in the public interest.

21st Century Fox said it was disappointed in the decision, noting that U.K. broadcast regulator Ofcom had advised the government that the deal did not raise concerns about broadcast standards. Ofcom has said that the takeover could give the Murdoch family too much influence over Britain’s media.

Murdoch’s media group is trying to buy the 61 percent of Sky it doesn’t already own. The takeover values Sky, which broadcasts top film and television offerings, at $25 billion.

The Eiffel Tower saw service cutbacks, angry carnival workers snarled traffic around the Arc de Triomphe and police used water cannon and tear gas as unions held protests in Paris and elsewhere Tuesday against planned changes to French labor laws.

The day of protests was the first collective outcry against President Emmanuel Macron’s bid to power the economy and boost jobs by tackling France’s rigid labor rules.

The hard-line CGT union called for strikes and organized some 180 marches against the changes, unveiled last month by Macron’s government.

Union leader Philippe Martinez told the crowd in Paris that reforming labor rules was a futile effort to create jobs.

U.S. stocks rose to record highs Tuesday as banks kept rising and retailers climbed after encouraging jobs data.

It was the second straight day for big gains in bank stocks as bond yields pushed higher, which allows banks to charge higher rates on loans. Retailers rose after the Labor Department said job openings and hiring both grew in July, and more people quit their jobs to take new ones.

The Standard & Poor’s 500 index rose 8.37 points, or 0.3 percent, to 2,496.48. The Dow Jones industrial average gained 61.49 points, or 0.3 percent, to 22,118.86.

The Nasdaq composite picked up 22.02 points, or 0.3 percent, to 6,454.28.