for diverse, democratic and accountable media

Murdoch bids for Sky

news |

Posted by BBC News web site

US media giant 21st Century Fox has made a takeover approach for Sky that values the UK-based satellite broadcaster at £18.5bn. The proposed offer is worth £10.75 a share in cash, a premium of 36% to the closing price on 8 December. Sky shares ended 26.6% higher at 999.8p in London following the announcement. Media tycoon Rupert Murdoch controls 21st Century Fox, which already owns a 39.1% stake in Sky.

Sky said that the independent directors of both companies had “reached agreement on an offer price" of £10.75 a share, but added that “certain material offer terms remain under discussion". According to Reuters' calculations, Fox will pay £11.25bn for the stake in Sky that it does not already own.

The US company is required to “clarify its intentions" by 6 January, or walk away for at least six months under UK takeover rules.

More at:

DATELINE: 9 December, 2016


have your say

Your comments:

Add your comment here
Your IP address is:

Please insert your name here

Type your message here.

Comments will be subject to approval and should not be defamatory, obscene, racist, in breach of copyright, or contrary to law. The CPBF is not reponsible for any views expressed here.