Pay TV Platform Sky’s Stock Spikes on Murdoch Stake Speculation

Pay TV Platform Sky's Stock Spikes

LONDON — The stock price of European pay TV platform Sky rose 3.47% to £10.74 ($16.70) early Monday on speculation that the Murdoch family’s 21st Century Fox is either about to sell its 39% stake in Sky, or renew its efforts to seize 100% control of the growing satellite operator.

The Murdochs have rejected bids from Vivendi, the owner of French pay TV operator Canal Plus, and British telco Vodafone for its stake in Sky, according to the Telegraph newspaper on Sunday. The Murdochs are holding out for £18 ($28.48) a share, the Telegraph claimed.

Fox’s rejection may suggest that it intends to make a new attempt to buy 100% control of Sky. Its previous attempt was derailed by the phone-hacking scandal at Rupert Murdoch’s U.K. newspaper The News of the World, which he closed in 2011.

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