Rupert Murdoch's News Corp has agreed to buy Wireless Group, the owner of Talksport radio, in a deal worth around £220m ($295m, €266m).
The media giant said the deal is worth 315p-a-share, and represents a 70% premium to Wireless Group's share price at the end of trading on Wednesday (29 June).
Talksport owns radio and digital audio broadcasting rights for the Premier League and FA Cup.
News Corp said it was buying the Wireless Group because it holds "valuable media brands" and "a wider portfolio of media assets".
News Corp's chief executive, Robert Thomson, added: "The proposed investment is a clear sign of our commitment to, and belief in, the United Kingdom as a place to do business successfully and profitably."
"We plan to leverage Wireless' portfolio of radio and digital audio sports rights, including the Premier League, in the UK, Ireland and beyond, through News Corp's digital platforms. We believe the businesses together can be far more than the sum of their parts."
News Corp's other businesses, led by billionaire Murdoch, include the Times newspaper, the Dow Jones wire service and publishing company HarperCollins.