Britain's BSkyB has agreed to pay $9 billion to purchase the 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.Under the deal, BSkyB will pay Murdoch's 21st Century Fox for the pay-TV companies using cash, debt, its stake in a TV channel and a placing of shares that represents around 10 percent of its issued share capital. Murdoch is also the largest shareholder of BSkyB.The deal, which will make BSkyB the leading pay-TV provider in Europe, adds to a flurry of consolidation in the global media sector as traditional entertainment companies seek to bulk up to compete against more nimble Internet rivals.Fox is expected to use the proceeds to fuel its pursuit of Time Warner, which recently rejected a bid by Fox of $80 billion.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 1.18% or $0.99/share to $85.00. 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 5719937.
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