Sky and 21st Century Fox Agree Takeover Deal

An agreement has been reached for 21st Century Fox to take full control of British Sky Broadcasting.

Rupert Murdoch-owned Fox, who already own 39% of Sky stock, and now have agreed to pay £11.7 billion to buy out the remaining 61%. Sky shareholders will pocket £10.75 per share, which will value the entire company at £18.5 billion. BBC News are reporting that some Sky shareholders are not overly pleased with the amount on offer.

There is also a growing concern that Murdoch would have an unhealthy and excessive influence and dominance over UK media, given that he already owns The Sun and The Times newspaper. The Culture Secretary Karen Bradley is being urged to refer the proposed takeover to media regulator Ofcom for further examination, something she has the power to do.

She now has ten days to decide whether or not to bow to pressure and consult the regulator.

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