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21st Century Fox Agrees to Buy Sky

  • Proposal values satellite carrier at 10.75 pounds a share
  • Murdoch makes new attempt to consolidate TV holdings
Bloomberg business news

What’s Rupert Murdoch’s Motivation for Buying Sky?

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21st Century Fox Inc. reached a preliminary deal to acquire full control of Sky Plc for 11.2 billion pounds ($14.1 billion), as billionaire Rupert Murdoch seeks to consolidate his television empire.

Fox, which already holds a 39 percent stake in Sky, proposed acquiring the rest for 10.75 pounds a share, according to a filing Friday in the U.K., a premium of 36 percent over Thursday’s closing price. The bid revives a 2010 deal that was derailed amid a phone-hacking scandal at Murdoch newspapers.