Murdoch's Fox agrees deal to buy Sky for $14.6 billion

December 15, 2016 18:45

Rupert Murdoch's Twenty-First Century Fox said on Thursday it had agreed to buy European pay-TV firm Sky for $14.6 billion, sticking to its earlier offer despite complaints from some investors.

Fox said it would pursue a Scheme of Arrangement, meaning it would need the backing of 75 percent of Sky's independent shareholders who vote to secure a deal that values Sky at 18.5 billion pounds in total.

Seeking to consolidate his media empire across Europe and the United States, Murdoch is buying the 61 percent of Sky he does not already own to fully acquire its 22 million customers in Britain, Ireland, Italy, Germany and Austria.

The two firms said last Friday they had struck a preliminary deal.

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