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| 21st Century Fox in bid approach for Sky | |
| (35 minutes later) | |
| US media giant 21st Century Fox has made a takeover approach for Sky that values the UK-based satellite broadcaster at £18.5bn. | |
| The proposed offer is worth £10.75 a share in cash, a premium of 36% to the closing price on 8 December. | The proposed offer is worth £10.75 a share in cash, a premium of 36% to the closing price on 8 December. |
| Sky shares jumped 32% in late trading in London following the announcement. | Sky shares jumped 32% in late trading in London following the announcement. |
| Media tycoon Rupert Murdoch controls 21st Century Fox, which already owns a 39.1% stake in Sky. | Media tycoon Rupert Murdoch controls 21st Century Fox, which already owns a 39.1% stake in Sky. |
| Sky said that the independent directors of both companies had "reached agreement on an offer price" of £10.75 a share, but added that "certain material offer terms remain under discussion". | Sky said that the independent directors of both companies had "reached agreement on an offer price" of £10.75 a share, but added that "certain material offer terms remain under discussion". |
| According to Reuters' calculations, Fox will pay £11.25bn for the stake in Sky that it does not already own. | |
| Fox chief executive James Murdoch was named chairman of Sky this year, fuelling speculation that the US media company would make a bid. | |
| It is the second time that Rupert Murdoch has attempted to take full control of Sky. | |
| In June 2010 his company, News Corporation - from which 21st Century Fox was subsequently split off - made a 700p-a-share offer that valued Sky at about £12bn. It was rejected by Sky's directors. | |
| The bid was ultimately abandoned in mid-2011 in the wake of widespread opposition and the fallout from the phone hacking scandal that prompted the closure of the News of the World newspaper. |