Deals
Murdoch Pounces on Sky as Lower Pound Makes Takeover Cheaper
- Approached two days ago, Sky’s independent directors back deal
- Brexit vote triggered slump in currency that bolstered case
Fox to Acquire Full Control of Sky for $14B
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Rupert Murdoch has long coveted full control of Sky Plc. It’s always been a question of when -- not if.
A pair of shock elections gave him his chance. The U.K.’s June vote to leave the European Union sent the pound plunging and made Isleworth, England-based Sky a far cheaper target. That bolstered Murdoch’s interest, according to people with knowledge of the matter. Then U.S. voters handed the presidency to Donald Trump, whose promises of a friendlier business climate have lifted the stock market.