Rupert Murdoch’s 21st Century Fox has reached an agreement to buy full control of Sky plc for $14.1bn (£11.2bn).
Fox already holds a 39pc stake in Sky. It has proposed to acquire the rest of the stock for £10.75 a share.
The move comes five years after a takeover was abandoned when the infamous phone-hacking scandal amongst Murdoch-owned tabloids gained notoriety.
It is understood that Sky has formed an independent committee of the board to consider the proposal.
“The independent directors of Sky note today’s share price increase, and announce that Sky has received an approach from 21st Century Fox Inc,” Sky said in a statement.
“After a period of negotiation, the independent directors of Sky and 21st Century Fox have reached agreement on an offer price of £10.75 per share in cash, less the value of any dividends subsequently paid by Sky.”
Sky provides satellite TV services to 21.8m customers across Ireland, the UK, Italy and Germany.
The chair of Sky is none other than Murdoch’s son, James Murdoch.
Gaining control of Sky would give Fox – owner of networks like National Geographic and FX – a major distribution platform for TV and internet services.
The move comes in the wake of AT&T’s $85.4bn deal to acquire Time Warner.