21st Century Fox to take over European broadcaster Sky

Reporting from LONDON  — 21st Century Fox and Sky PLC say they have agreed on a $14.6-billion takeover of the British broadcaster by the U.S.-based media giant.

The deal announced Thursday values Sky shares at $13.41 each. It is not expected to be complete before the end of 2017.

Rupert Murdoch’s Fox already owns just over 39% of Sky. An earlier attempt to acquire the rest was scuttled by the 2011 phone-hacking scandal that rocked his British newspapers.

Taking control of Sky would give 21st Century Fox, which owns cable networks Fox News, FX and the Fox broadcast channel and a major Hollywood film studio, a distributor in Europe. Sky has 22 million customers in the U.K., Ireland, Germany, Austria and Italy.