News Corp. bids for all of British pay-TV giant BSkyB

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Rupert Murdoch's News Corp. on Tuesday said it had bid 7.8 billion pounds (11.5 billion dollars) in cash to buy the near 61-percent of British pay-television group BSkyB that it does not yet own.

BSkyB said the offer of 700 pence per share was too low and that it would be prepared to support a bid only "in excess of 800 pence per share".

"News Corp and the BSkyB Independent Directors have been unable to reach a mutually agreeable price at the current time," Murdoch's media titan said in a statement.

"However, both parties have agreed to work together to proceed with the regulatory process in order to facilitate a proposed transaction."

News Corp. currently owns 39.1 percent of BSkyB.

© 2010 AFP

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