Fox Strikes Preliminary Deal To Buy Rest Of Sky For �10.75 a Share

By Carla Mozee Markets MarketWatch Pulse

Shares of Sky PLC soared 31% in afternoon trade in London after 21st Century Fox Inc. reached a preliminary deal to buy the rest of Sky that it doesn't already own. Fox is Sky's largest shareholder with a 39% stake, according to FactSet data. Fox has offered to pay �10.75 a share in cash, which represents a 36% premium to the closing price on Dec. 8, the last business day before the statement. Sky said 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." News Corp, which owns Dow Jones & Co., publisher of MarketWatch and the Wall Street Journal, and 21st Century Fox were part of the same company until 2013.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.