Sky agrees to takeover by 21st Century Fox

Sky plc, the owner of Sky News, has agreed to a takeover by 21st Century Fox. The UK-based home entertainment and communications company made the announcement less than a week after Fox's renewed bid interest surfaced after a previous deal was withdrawn in 2011. The terms of the formal offer, being recommended by an independent committee of directors at Sky, would mean Fox paying £11.7bn, or £10.75 per share, for the 61% of Sky it does not already own.