Murdoch plots BSkyB takeover

16 June 2010

The BSkyB board has rebuffed an offer by Rupert Murdoch to take full control of the BSkyB business.

Murdoch currently owns 39% of the UK satellite broadcaster and approached the board with an informal offer for the remaining 61% of the business that he does not own. The BSkyB business is estimated to be worth £12bn ($17bn).

While the board has rejected the initial offer – branding it too low – it has agreed to begin the process of seeking regulatory approval for a possible takeover by News Corporation.

News Corp deputy chairman Chase Carey has been quoted as saying that a “straightforward” regulatory review would last about six months.

Murdoch already has a strong presence on the UK landscape with ownership of daily newspapers The Sun and The Times.

Martina Lacey, London