Britain's BSkyB has agreed to pay $9 billion to purchase Rupert Murdoch's pay-TV companies in Germany and Italy, taking its hunt for growth into Europe by creating a media powerhouse with 20 million customers.BSkyB, in which Murdoch's 21st Century Fox is also the largest shareholder, will pay for the deal using cash, debt, its stake in a TV channel and a placing of shares that represents around 10 percent of its issued share capital.The deal adds to a flurry of consolidation in the global media sector and Fox is expected to use the proceeds to fuel its pursuit of Time Warner, which recently rejected Fox's initial $80 billion bid.BSkyB had flagged a possible deal for Sky Deutschland and Sky Italia in May. The price announced on Friday was slightly lower than expected by some analysts and the cost and revenue benefits laid out by BSkyB were greater than anticipated.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 0.3% or $-0.25/share to $84.01. In the past year, the shares have traded as low as $57.59 and as high as $88.13. On average, 7465530 shares of TWX exchange hands on a given day and today's volume is recorded at 9203558.
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