UK: Murdoch’s BSkyB deal saves cash for Time Warner

Rupert Murdoch-owned Twenty-first Century Fox is said to be gearing up for renewed efforts to acquire Time Warner in the US with a recent round of divestitures.

According to reports, Fox reached a deal with BSkyB to sell all of its shares in Sky Italia and in Sky Deutschland to the British company. The sales raised more than $8 billion in cash, say reports.

The deal hands over a dominant market position in Europe to BSkyB.

Experts say the sales are part of Fox’s plans to issue a renewed bid to acquire Time Warner after the company rejected an $80 billion offer. Should the two end up agreeing on a deal, reports say it would create the nation’s largest cable network business.

Full content: USA Today

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.