Rupert Murdoch’s News Corp. is bidding to buy out the rest of British satellite pay TV platform BSkyB.
The takeover is said to value BSkyB at about £12 billion ($17.7 billion), thought to be a low ball offer for the 61% of BSkyB that News Corp. doesn’t already own.
The news was broken in the early hours of Tuesday morning in Blighty online by the Daily Telegraph, scooping Murdoch’s own newspapers The Times and the Wall Street Journal.
The report said a BSkyB board meeting is likely to be held Tuesday when the company is expected to make an announcement to the Stock Exchange.
Rumors began swirling in March that News Corp. was considering an offer for BSkyB, a property that Murdoch has long wanted to own outright.
Satcaster BSkyB is the U.K.’s dominant pay TV platform with close to 10 million subscribers