James Murdoch

21st Century Fox to take over European broadcaster Sky

21st Century Fox to take over European broadcaster Sky

Rupert Murdoch's media giant Twenty-First Century Fox has agreed to take over European broadcaster Sky PLC in a 11.7 billion pound ($14.6 billion) deal, the companies said Thursday.

The deal values the shares in London-based Sky at 10.75 pounds ($13.41) each. It is not expected to be complete before the end of 2017.

Twenty-First Century Fox already owns just over 39 percent of Sky. An earlier attempt to acquire the rest was scuttled by the 2011 phone-hacking scandal that rocked his British newspapers and the media establishment. The scandal abated, and a drop in the pound following Britain's vote to leave the European Union made the company cheaper to take...

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