News Corp (ASX:NWS) has formally notified the European Commission that it intends to make a takeover bid for pay TV operator BSkyB.
The move signalled the end of a period of informal talks between News Corp and the European Commission during which the commission tried to ensure that it had all the information it needed for a formal review.
News Corp, led by chief executive Rupert Murdoch, which owns 39 percent of BSkyB, has proposed paying 7.8 billion pounds for the BSkyB stock that it does not already own.
BSkyB's independent directors rejected that bid as too low and both parties have now agreed to seek formal regulatory approval before further price negotiations.
News Corporation posted a $3.1 billion net profit after tax for the 2010 financial year.
NWS Price at posting:
$15.30 Sentiment: None Disclosure: Held
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