Sky has agreed on the terms of 21st Century Fox’s takeover deal.

Rupert Murdoch’s 21st Century Fox is paying £11.7bn for the 61% stake it does not already own in Sky.

21st Century Fox said it anticipates that the acquisition will complete before the end of 2017.

Sky shareholders will receive £10.75 in cash for each share, valuing the company at £18.5bn.

Some Sky investors are reportedly unhappy that the bid undervalues the satellite broadcaster and had urged the independent directors to extract a higher offer.

Rupert Murdoch tried to take control of Sky five years ago, but the deal was thwarted by the phone hacking scandal. 

21st Century Fox also owns 50% of one of the world’s biggest production companies, Endemol Shine. The media conglomerate also owns 20th Century Fox, FX Networks, Fox Television and has stake in National Geographic and Hulu.

James Murdoch is both chairman of Sky and chief executive of Fox.

Staff Reporter

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