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BSkyB confirms talks on 21st Century Fox pay-TV interests

BSkyB have commented upon speculation about a potential acquisition of 21st Century Fox’s interests in Sky Deutschland and Sky Italia.

The statement acknowledges that BskyB, as part of its policy of exploring ways to create further value for shareholders, the company initiated preliminary discussions with 21st Century Fox to evaluate the potential acquisition of its pay-TV assets in Germany and Italy. BSkyB believes at the right value, this combination would have the potential to create a world-class multinational pay-TV group.

The statement however adds that discussions have not progressed beyond a preliminary stage, and no agreement has been reached on terms, value or transaction structure and there is no certainty that a transaction will occur.

Any potential agreement would be subject to external factors including the Sky Deutschland share price continuing to trade on an undisturbed basis. BSkyB’s focus in respect of Sky Deutschland would be to acquire 21st Century Fox’s controlling stake (57 per cent on a fully diluted basis). As a consequence BSkyB would be required to make a takeover offer to the public minority of Sky Deutschland in accordance with relevant German legislation. BSkyB would expect, subject to German minimum offer price rules, to make this offer without a premium.

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