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BSkyB to pay $8 billion to create Sky Europe

Reuters - UK Focus

LONDON, July 25 (Reuters) - Britain's BSkyB has agreed to pay around 4.9 billion pounds ($8.3 billion) to buy Rupert Murdoch's pay-TV assets in Germany and Italy, responding to the slowing growth at home with a deal to create a European powerhouse.

It will pay for the deal with cash, debt and by a placing of shares that represents around 10 percent of the firm's issued share capital.

BSkyB said under the deal with Murdoch's 21st Century Fox , it would pay 2.45 billion pounds for Sky Italia and 2.9 billion pounds for Fox's 57 percent stake in Sky Deutschland (Other OTC: SKDTY - news) to create a combined group with nearly 20 million customers.

The payment for Sky Italia will be made up of cash and BSkyB's stake in the National Geographic Channel. ($1 = 0.5885 British Pounds) (Reporting by Kate Holton; editing by Paul Sandle)