Sky and 21st Century Fox seal takeover deal


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Sky and 21st Century Fox seal takeover deal

 

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Broadcaster Sky and 21st Century Fox reach agreement on the terms of a takeover by 21st Century Fox.

Sky shareholders will receive £10.75 in cash for each share, valuing the company at £18.5bn.

Rupert Murdoch's 21st Century Fox first launched its takeover bid for the 61% of Sky it does not already own last Friday.

Some investors are unhappy that the bid undervalues the satellite broadcaster.

This is breaking news, details to be added

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Broadcaster Sky and 21st Century Fox have reached agreement on the terms of a takeover deal.

 

Rupert Murdoch's 21st Century Fox will pay £11.7bn for the 61% stake it does not already own.

 

Sky shareholders will receive £10.75 in cash for each share, valuing the entire company at £18.5bn.

 

The deal comes amid concerns that Rupert Murdoch, who also owns the Sun and the Times newspapers, will have excessive influence over UK media.

 

Karen Bradley, the Culture Secretary, will have 10 days to decide whether the Fox bid raises public interest concerns - in this case media plurality. She has the power to ask Ofcom, the media watchdog, to examine the deal.

 

Tom Watson, shadow culture secretary, urged Ms Bradley to refer the deal to Ofcom: "When she stood on the steps of Downing Street this summer, the prime minister said to the people of this country that 'when we take the big calls, we'll think not of the powerful, but you'. "This is a big call. The government needs to decide whose side it's on."

 

A number of Sky shareholders, including Standard Life Investments and Jupiter Asset Management, have questioned the independence of the non executive directors and their ability to extract a higher price since a possible bid was announced last Friday.

 

James Murdoch, Rupert Murdoch's son, is both chairman of Sky and chief executive of Fox.

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