Rupert Murdoch has launched a new bid to take over Sky PLC, as the company confirms it has agreed an £18bn ($22bn) takeover offer from 21st Century Fox. The British broadcaster said it will recommend the deal from the US arm of Murdoch's empire to Sky shareholders.
Murdoch last attempted to fully take over the company in 2011, before changing his mind at the height of the phone-hacking scandal. The scandal saw the closure of the News of the World, a paper owned by Murdoch's News UK (formally News International).
"The independent directors of Sky note today's share price increase, and announce that Sky has received an approach from 21st Century Fox, Inc.
"After a period of negotiation, the Independent Directors of Sky and 21st Century Fox have reached agreement on an offer price of £10.75 per share in cash, less the value of any dividends subsequently paid by Sky.
"However, certain material offer terms remain under discussion and there can be no certainty that an offer will be made by 21st Century Fox, nor as to the terms of any such offer.
"The Proposal represents a premium of 40% to the closing price on 6 December, being the last business day prior to the initial proposal being received from 21st Century Fox, and a premium of 36% to the closing price on 8 December, being the last business day prior to this announcement."
There has been speculation Murdoch would launch a fresh bit to takeover Sky again after his son James was renamed chairman of the company in January. He stepped down from the role in 2012 following his father's last failed bid.
Murdoch's 21st Century Fox currently owns a 39.1% stake in Sky. Shares in Sky jumped more than 30% as news of the takeover was announced.