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| Version 1 | Version 2 |
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| Murdoch in BSkyB takeover offer | Murdoch in BSkyB takeover offer |
| (40 minutes later) | |
| BRITISH SKY BROADCASTING GROUP Last updated: 15 Jun 2010, 09:43 UK *Chart shows local time More data on this share price | |
| Rupert Murdoch's News Corporation has seen a bid to take full control of satellite broadcaster BSkyB rebuffed. | Rupert Murdoch's News Corporation has seen a bid to take full control of satellite broadcaster BSkyB rebuffed. |
| News Corporation said it was currently offering 700 pence a share, which values BSkyB at around £12bn. | News Corporation said it was currently offering 700 pence a share, which values BSkyB at around £12bn. |
| BSkyB said this offer was too low, but the two sides would now continue to talk to work towards a deal. BSkyB said it wanted "in excess of 800p". | BSkyB said this offer was too low, but the two sides would now continue to talk to work towards a deal. BSkyB said it wanted "in excess of 800p". |
| News Corporation currently owns 39.1% of BSkyB. News of the bid pushed shares in BSkyB up by 21%. | News Corporation currently owns 39.1% of BSkyB. News of the bid pushed shares in BSkyB up by 21%. |
| The stock had risen 126.50 pence to 727 pence in early trading in London. | The stock had risen 126.50 pence to 727 pence in early trading in London. |
| Industry giant | Industry giant |
| "Both parties have agreed to work together to proceed with the regulatory process in order to facilitate a proposed transaction," said News Corporation. | "Both parties have agreed to work together to proceed with the regulatory process in order to facilitate a proposed transaction," said News Corporation. |
| A successful deal will strengthen Mr Murdoch's media power | A successful deal will strengthen Mr Murdoch's media power |
| News Corporation also owns the Sun, Times and News of the World newspapers. | News Corporation also owns the Sun, Times and News of the World newspapers. |
| BBC business editor Robert Peston said that if the deal did go ahead, it would "erase any scintilla of doubt that Mr Murdoch's News Corporation would be the most powerful of all the traditional media groups in the UK". | BBC business editor Robert Peston said that if the deal did go ahead, it would "erase any scintilla of doubt that Mr Murdoch's News Corporation would be the most powerful of all the traditional media groups in the UK". |
| "The combination of Sky with his newspapers, such as the Sun and the Sunday Times, would generate annual revenues of around £8bn, compared with the £4.6bn income of the next largest player, the BBC." | "The combination of Sky with his newspapers, such as the Sun and the Sunday Times, would generate annual revenues of around £8bn, compared with the £4.6bn income of the next largest player, the BBC." |
| Our editor added that any agreed deal between News Corporation and BSkyB may cause problems for the UK's coalition government. | Our editor added that any agreed deal between News Corporation and BSkyB may cause problems for the UK's coalition government. |
| He said this was because while the Conservatives had benefited from the support of News Corporation's newspapers during the general election, the Liberal Democrats were far more hostile to Mr Murdoch's media empire. | He said this was because while the Conservatives had benefited from the support of News Corporation's newspapers during the general election, the Liberal Democrats were far more hostile to Mr Murdoch's media empire. |
| Whether to grant regulatory approval for any agreed takeover would be decided by the European Commission - unless the UK government decided that the ruling should be made by British regulators the Office of Fair Trading and Ofcom. | Whether to grant regulatory approval for any agreed takeover would be decided by the European Commission - unless the UK government decided that the ruling should be made by British regulators the Office of Fair Trading and Ofcom. |
| British Sky Broadcasting was formed in 1990 by the merger of News Corporation's Sky Television and rival British Satellite Broadcasting. | British Sky Broadcasting was formed in 1990 by the merger of News Corporation's Sky Television and rival British Satellite Broadcasting. |