>> It's official, 21st Century Fox is bidding for Sky. Rupert Murdoch's firm tabling a firm cash offer that values the British broadcaster at nearly 11 pounds a share. It wants to snap up the 61% of Sky it doesn't already own, but plenty of hurdles lie between here and success.
Major pension funds which own large chunks of Sky shares have already sounded a warning. 75% of independent shareholders, including Standard Life in Royal London, will have to okay the takeover. The Local Authority Pension Fund says the deal must be priced right, but analysts at Citibank are calling it a low-ball bid.
Regulators also lurking, victory would give Murdock control of a pay TV network with 22 million customers, spanning the UK, Ireland, Austria, Germany, and Italy. Some politicians fear that would give him too much control over media. But the mogul is likely to prove determined. A similar bid failed in 2011, after Murdoch's papers became embroiled in a row over phone hacking.
This time some investors say he'll want to win, no matter what the cost.