Feeds

Murdoch moves for full control of Sky

What? He didn't already control it?

The smart choice: opportunity from uncertainty

Sky shares jumped 18 per cent this morning on news that Rupert Murdoch is seeking full control of the company.

Murdoch's News Corp is offering 700p per share - an offer rejected by Sky's board of directors. Murdoch's son James has removed himself from negotiations - he is Sky's chairman as well as chairman and chief executive for News Corp Europe and Asia.

Chase Carey, deputy chairman at News Corp, said the deal would improve News Corp's geographic spread, reduce its reliance on advertising money and offer the chance to fully consolidate a business it has worked with for over 20 years.

News Corp, which already owns 39.1 per cent of the company, originally offered 675p per share. After discussions this went up to 700p per share in cash.

Sky directors said an offer in excess of 800p per share would be more likely to be accepted. Some observers suggest directors want to compensate shareholders for what will likely be a long wait for regulatory approval.

The directors have agreed to further talks with News Corp to look for an agreement and have set up a committee to deal with discussions.

Both sides stressed that none of the above guaranteed a successful takeover would take place.

News Corp said the buy would be funded by existing cash and loans. ®

Eight steps to building an HP BladeSystem

More from The Register

next story
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
Major problems beset UK ISP filth filters: But it's OK, nobody uses them
It's almost as though pr0n was actually rather popular
Microsoft unsheathes cheap Android-killer: Behold, the Lumia 530
Say it with us: I'm King of the Landfill-ill-ill-ill
All those new '5G standards'? Here's the science they rely on
Radio professor tells us how wireless will get faster in the real world
Apple orders huge MOUNTAIN of 80 MILLION 'Air' iPhone 6s
Bigger, harder trouser bulges foretold for fanbois
Oh girl, you jus' didn't: Level 3 slaps Verizon in Netflix throttle blowup
Just hook us up to more 10Gbps ports, backbone biz yells in tit-for-tat spat
GoTenna: How does this 'magic' work?
An ideal product if you believe the Earth is flat
Telstra to KILL 2G network by end of 2016
GSM now stands for Grave-Seeking-Mobile network
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.