21st Century Fox Makes Offer for U.K.'s Sky
December 09 2016 - 12:20PM
Dow Jones News
21st Century Fox Inc. is in late-stage discussions to buy Sky
PLC, the U.K.'s market-leading pay-TV provider, as Fox moves to
consolidate its holdings. Fox already owns about 39% of the
company.
Sky said Friday that it reached a preliminary agreement for £
10.75 per share in cash ($13.52) but that certain material offer
terms remain under discussion. The roughly $15 billion offer was a
40% premium to Sky's Dec. 6 closing price. Its shares were recently
up 32%.
If completed, the deal would value Sky at about £ 18.48
billion.
Rupert Murdoch and his family are major shareholders in both
21st Century Fox and News Corp., parent company of The Wall Street
Journal.
News Corp. in 2011 dropped a bid to take full control of Sky
amid a political firestorm ignited by reporting tactics at one of
its U.K. newspaper titles.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
December 09, 2016 12:05 ET (17:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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