21st Century Fox reaches agreement with Sky

21st Century Fox, which belongs to media mogul Rupert Murdoch, has reached an agreement to acquire British subscription broadcaster, Sky for £11.7 billion. The British culture minister, Karen Bradley, now has more than a week to refer the matter to the regulator Ofcom which will then evaluate the merit of the agreement.

Murdoch had reached the price agreement with Sky's directors who will now take the offer to the shareholders for consideration. Sky currently has 22 million customers across five countries namely, the UK, Ireland, Germany, Italy and Austria.