21st Century Fox reached an agreement to pay $14 billion for the stake in European satellite TV operator Sky PLC that it doesn’t already own, Sky TV announced.
Rupert Murdoch’s media company’s previous attempt to bring Sky into the fold fell apart when one of his London newspapers was implicated in a phone hacking scandal. Fox already owns 39% of Sky.
“A proposed transaction between 21st Century Fox and Sky would bring together 21st Century Fox’s global content business with Sky’s world-class direct-to-consumer capabilities, which have made it the number one premium pay-TV provider in all its markets,” the company said in a statement. “It would also enhance Sky’s leading position in entertainment and sport, and reinforce the U.K.’s standing as a top global hub for content generation and technological innovation.”
21st Century Fox said certain terms of the offer are still under discussion and might, or might not, lead to an offer being made.
The independent directors of Sky have indicated to 21st Century Fox that they are willing to recommend the possible offer, Fox said.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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