BSkyB, News Corp. agree to work toward deal

Don't look now, but what Rupert Murdoch wants, Rupert Murdoch gets.

The media mogul and News Corp. poohbah has been chasing the 61 percent of U.K. satellite operator BSkyB that News Corp. doesn't control for a couple of months, and it looks like the two have agreed to work toward a mutually agreeable price after News Corp.'s original offer was deemed a tad light by BSkyB's board. News Corp. offered about $11.6 billion; BSkyB thinks $13 billion is a more appropriate price.

The repercussions already have started to roil the competitive waters of the uber-competitive U.K. pay-TV waters, Virgin Media shares were off some 2 percent after news of the pending acquisition was announced. VM officials had no comment.

BSkyB has some 10 million pay-TV subs, a cash cow opportunity for News Corp. BSkyB is the product of a 1990 merger of Murdoch's Sky Television with British Satellite Broadcaster.

For more:
- see this report

Related article:
News Corp., Murdoch, edge closer to control of BSkyB

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