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Murdoch's News Corp Swoops On TalkSport Owner

(c) Sky News 2016

Rupert Murdoch's News Corp (Other OTC: NWSAL - news) has made a £220m bid for Wireless Group (LSE: UTV.L - news) , the owner of TalkSport.

News Corp said that acquisition of Wireless would mean it could strengthen its digital business and that the group would be an "excellent strategic fit".

Rebekah Brooks, chief executive of News UK, said the deal would allow News Corp to build on its "growing digital success story" and "bring some of the best journalistic and broadcasting talent into one group".

She (Munich: SOQ.MU - news) added: "This acquisition will allow us to increase engagement for both businesses through the cross-promotion of our brands and the use of our respective talent.

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"We also look forward to collaborating in the expansion of the Wireless Group's digital audio and international assets, which offer new opportunities for our businesses in the UK and globally."

The takeover still needs to win regulatory approval and the backing of Wireless shareholders.

Richard Huntingford, executive chairman of Wireless, described the outcome as "excellent".

"Shareholders receive an immediate and certain cash value for their shares which not only represents a very significant premium to the current share price, but also fully recognises the long-term."

The cash offer will see Wireless shareholders get 315p per share, while named shareholders from 20 May this year will receive a special dividend of 6.15p and a final dividend of 7.6p.

Wireless owns Virgin Radio UK, TalkRadio and TalkSport radio, which has the radio and digital broadcasting rights to the Premier League and the FA Cup. It also has the global live audio rights to the Premier League in multiple languages until 2019.

According to the offer documents, Wireless' audience "complements the audience of The Sun (one of News Corp's main brands)".

It also said that there is "significant opportunity to increase engagement and monetisation through cross-promotion and leveraging Wireless' and News Corp's respective talent and advertising sales forces".

There may also be the "prospect of further international digital expansion" for the Wireless brands.

Rupert Murdoch, chairman of News Corp is also co-chairman of 21st Century Fox which owns a 39% stake in Sky plc (LSE: BSY.L - news) , the owner of Sky News.