News Corp agreed on a financing deal with Sky Deutschland that allows Rupert Murdoch's company to increase its stake in the German pay-television division to 54.5 per cent.
Sky Deutschland will sell 77.9 million new shares at €4.46 each to News Adelaide, a unit owned by New York-based News Corp, raising about €347.4 million, Sky Deutschland said in a statement today.
Sky Deutschland also reached an agreement over €300 million five-year bank credit facilities guaranteed by News Corp.
Sky's stock was the best performer in the 27-company Bloomberg Europe 500 Media Index last year, having almost tripled.
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It closed at €4.60 on January 11 on the Frankfurt exchange. News Corp fell 0.2 per cent to $26.93 in New York.
Bloomberg
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