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21st Century Fox offered $14,8 billion for the Sky stocks



The transnational media holding Fox Inc., controlled by Murdoch’s family, has offered £10,75 per stock.



15.Dec.16 11:58 AM
By Anna Tuzova
Photo Toinnov.com

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21st Century Fox offered $14,8 billion for the Sky stocks
Media holding Twenty-First Century Fox Inc (21st Century Fox) has announced the agreement with the British Sky. Within the scope of the transaction 21st Century Fox, which owns already 39,1 per cent of Sky’s stocks, will be the only TV company’s owner, buying the minority holders’ shares.

For every Sky’s stock the company, owned by media tycoon Rupert Murdoch, is offering £10,75, which is almost by 40% higher compared with their close on 6th December. Thus the total cost of the Sky is estimated approximately as £18,5 billion. Century Fox may spend £11,7 billion ( $14,8 billion) for the minority holders’ share purchase.

The bargain will be funded from the loans, provided by Goldman Sachs, Deutsche Bank and JPMorgan Chase totaling £12,2 billion.

The independent committee of the directors of the Sky has unanimously recommended accepting the 21st Century’s offer to company’s shareholders. According to Reuters, however, some of shareholders turned out to be disappointed by the offered by Murdoch price, considering it to be too low.

In case of the approval by no less than 75 per cent of the minority holders and regulatory bodies the deal will be closed by the end of 2017.

The Sky Company is one of the leaders on the European communication market, media and entertainment. According to the data on the mid 2016, the number of its clients in Great Britain, Italy, Austria and Ireland was about 22 million people. The annual income is about 12 billion pounds, the budget for the TV programs creation is over 5 billion pounds.



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