Two British Sky Broadcasting (BSkyB) employee minibuses pass each other in west London July 25, 2014. Britain's BSkyB has agreed to pay 4.9 billion pounds ($8.3 billion) in cash to buy Rupert Murdoch's pay-TV assets in Germany and Italy, responding to slowing growth at home by creating a European media powerhouse. BSkyB, in which Murdoch's 21st Century Fox is also the top shareholder, will pay for the deal using cash, debt and a placing of shares that represents around 10 percent of its issued share capital. BSkyB said it would pay 2.45 billion pounds for Sky Italia and 2.9 billion pounds for Fox's 57 percent stake in Sky Deutschland to create a group with nearly 20 million customers. REUTERS/Toby Melville (BRITAIN - Tags: BUSINESS MEDIA TRANSPORT)

A woman walks past a bus covered in an advertisement for British Sky Broadcasting (BSkyB) in west London July 25, 2014. Britain's BSkyB has agreed to pay 4.9 billion pounds ($8.3 billion) in cash to buy Rupert Murdoch's pay-TV assets in Germany and Italy, responding to slowing growth at home by creating a European media powerhouse. BSkyB, in which Murdoch's 21st Century Fox is also the top shareholder, will pay for the deal using cash, debt and a placing of shares that represents around 10 percent of its issued share capital. BSkyB said it would pay 2.45 billion pounds for Sky Italia and 2.9 billion pounds for Fox's 57 percent stake in Sky Deutschland to create a group with nearly 20 million customers. REUTERS/Toby Melville (BRITAIN - Tags: BUSINESS MEDIA)

Sky Sports logos are seen on the side of offices at their UK company headquarters in west London July 25, 2014. Britain's BSkyB has agreed to pay 4.9 billion pounds ($8.3 billion) in cash to buy Rupert Murdoch's pay-TV assets in Germany and Italy, responding to slowing growth at home by creating a European media powerhouse. BSkyB, in which Murdoch's 21st Century Fox is also the top shareholder, will pay for the deal using cash, debt and a placing of shares that represents around 10 percent of its issued share capital. BSkyB said it would pay 2.45 billion pounds for Sky Italia and 2.9 billion pounds for Fox's 57 percent stake in Sky Deutschland to create a group with nearly 20 million customers. REUTERS/Toby Melville (BRITAIN - Tags: BUSINESS MEDIA LOGO)

A British Sky Broadcasting Group (BSkyB) logo is seen at the company's UK headquarters in west London July 25, 2014. Britain's BSkyB has agreed to pay 4.9 billion pounds ($8.3 billion) in cash to buy Rupert Murdoch's pay-TV assets in Germany and Italy, responding to slowing growth at home by creating a European media powerhouse. BSkyB, in which Murdoch's 21st Century Fox is also the top shareholder, will pay for the deal using cash, debt and a placing of shares that represents around 10 percent of its issued share capital. BSkyB said it would pay 2.45 billion pounds for Sky Italia and 2.9 billion pounds for Fox's 57 percent stake in Sky Deutschland to create a group with nearly 20 million customers. REUTERS/Toby Melville (BRITAIN - Tags: BUSINESS MEDIA LOGO)

A British Sky Broadcasting Group (BSkyB) work van is driven in west London July 25, 2014. Britain's BSkyB has agreed to pay 4.9 billion pounds ($8.3 billion) in cash to buy Rupert Murdoch's pay-TV assets in Germany and Italy, responding to slowing growth at home by creating a European media powerhouse. BSkyB, in which Murdoch's 21st Century Fox is also the top shareholder, will pay for the deal using cash, debt and a placing of shares that represents around 10 percent of its issued share capital. BSkyB said it would pay 2.45 billion pounds for Sky Italia and 2.9 billion pounds for Fox's 57 percent stake in Sky Deutschland to create a group with nearly 20 million customers. REUTERS/Toby Melville (BRITAIN - Tags: BUSINESS MEDIA)

A production staff member works in the gallery during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT)

Anchor Craig Doyle (L) rugby presenter Matt Dawson (C) =and rugby expert Martin Bayfield discuss rugby during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT RUGBY)

Production staff work in the gallery during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT)

Production staff work in the gallery during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT)

Anchor Jake Humphrey (L), co-commentator Michael Owen (2nd L) and football experts Steve McManaman (2nd R) and David James discuss football during the BT Sport channel launch at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT SOCCER)

A screen showing that BT Sport channel launch program is on air is seen outside the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT)

Anchor Jake Humphrey (2nd R) talks with English Grand Prix motorcycle racer Scott Redding in front of a studio audience during the BT Sport channel launch at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT)

The floor manager signals the studio audience to applaud during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT BUSINESS)

Co-commentator Michael Owen (L) and football expert Steve McManaman during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT SOCCER BUSINESS)

Football experts Steve McManaman and David James laugh during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT SOCCER)

A camera woman shoots during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launched its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT BUSINESS)

A screen showing that BT Sport channel launch program is on air is seen outside the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launched its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT BUSINESS)

Anchor Jake Humphrey poses for a photograph before the BT Sport channel launch at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launched its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT BUSINESS)

Production staff work in the gallery during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launched its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT BUSINESS)

Football expert David James waits for his cue during the BT Sport channel launch program at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London August 1, 2013. Britain's BT launched its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA SPORT SOCCER BUSINESS)

Anchor Jake Humphrey poses for a photograph before the BT Sport channel launch at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London, August 1, 2013. Britain's BT launched its much heralded sports TV service on Thursday in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: ENTERTAINMENT MEDIA BUSINESS PORTRAIT SPORT)

BT Sport presenter Darrell Currie poses for a publicity photo at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London, August 1, 2013. Britain's BT launches its much heralded sports TV service today in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: ENTERTAINMENT MEDIA BUSINESS SPORT)

Studio audience members wait near a screen showing BT Sport presenter Clare Balding at the BT Sport studio in the Queen Elizabeth Olympic Park, in east London, August 1, 2013. Britain's BT launched its much heralded sports TV service on Thursday in the biggest challenge to the dominance of BSkyB since Rupert Murdoch launched the pay-TV group over 20 years ago. REUTERS/Suzanne Plunkett (BRITAIN - Tags: ENTERTAINMENT MEDIA BUSINESS SPORT)

People walk past the Sky television studios booth during the BRIT Awards at the O2 Centre in London February 20, 2013. Picture taken February 20, 2013. REUTERS/Luke MacGregor (BRITAIN - Tags: ENTERTAINMENT MEDIA) (BSKYB)

A projection of singer Emeli Sande is seen in the Sky television studios booth during the BRIT Awards at the O2 Centre in London February 20, 2013. Picture taken February 20, 2013. REUTERS/Luke MacGregor (BRITAIN - Tags: ENTERTAINMENT MEDIA) (BSKYB)

BSkyB Chief Executive Jeremy Darroch speaks at the CBI annual conference in London November 19, 2012. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA BUSINESS POLITICS)

BSkyB Chief Executive Jeremy Darroch speaks at the CBI annual conference in London November 19, 2012. REUTERS/Suzanne Plunkett (BRITAIN - Tags: POLITICS BUSINESS TELECOMS MEDIA)

BSkyB Chief Executive Jeremy Darroch speaks at the CBI annual conference in London November 19, 2012. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA BUSINESS POLITICS)

BSkyB Chief Executive Jeremy Darroch speaks at the CBI annual conference in London November 19, 2012. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA BUSINESS POLITICS)

Britain's Culture Secretary Jeremy Hunt returns to his home after a morning run in London June 13, 2012. MPs will vote on Wednesday on a bid by Labour to investigate Hunt's handling of News Corp's BSkyB takeover bid. REUTERS/Olivia Harris (BRITAIN - Tags: POLITICS MEDIA SOCIETY)

Britain's Culture Secretary Jeremy Hunt leaves home in London June 13, 2012. MPs will vote on Wednesday on a bid by Labour to investigate Hunt's handling of News Corp's BSkyB takeover bid. REUTERS/Olivia Harris (BRITAIN - Tags: POLITICS MEDIA SOCIETY)

Britain's Culture Secretary Jeremy Hunt leaves home in London June 13, 2012. MPs will vote on Wednesday on a bid by Labour to investigate Hunt's handling of News Corp's BSkyB takeover bid. REUTERS/Olivia Harris (BRITAIN - Tags: POLITICS MEDIA SOCIETY)

Britain's Culture Secretary Jeremy Hunt leaves home in London June 13, 2012. MPs will vote on Wednesday on a bid by Labour to investigate Hunt's handling of News Corp's BSkyB takeover bid. REUTERS/Olivia Harris (BRITAIN - Tags: POLITICS MEDIA SOCIETY)

Fred Michel, a lobbyist who worked for BSkyB, walks out of the High Court where he was giving evidence to the Leveson Inquiry into practices and standards in the media in central London, May 24, 2012. REUTERS/Andrew Winning (BRITAIN - Tags: POLITICS)

Fred Michel, a lobbyist who worked for BSkyB, walks out of the High Court where he was giving evidence to the Leveson Inquiry into practices and standards in the media in central London, May 24, 2012. REUTERS/Andrew Winning (BRITAIN - Tags: POLITICS)

Fred Michel, a lobbyist who worked for BSkyB, walks out of the High Court where he was giving evidence to the Leveson Inquiry into practices and standards in the media in central London, May 24, 2012. REUTERS/Andrew Winning (BRITAIN - Tags: POLITICS)

Fred Michel, a lobbyist who worked for BSkyB, walks back to the High Court to continue giving evidence to the Leveson Inquiry into practices and standards in the media at the High Court in central London, May 24, 2012. REUTERS/Andrew Winning (BRITAIN - Tags: POLITICS)

Fred Michel, a lobbyist who worked for BSkyB, walks back to the High Court to continue giving evidence to the Leveson Inquiry into practices and standards in the media at the High Court in central London, May 24, 2012. REUTERS/Andrew Winning (BRITAIN - Tags: POLITICS)

Britain's Jeremy Hunt, Minister for Culture, Media & Sport, leaves his office in central London April 24, 2012. Hunt faced calls to resign tonight after revelations at the Leveson Inquiry into links with News Corporation during its bid to gain full control of BSkyB. REUTERS/Olivia Harris (BRITAIN - Tags: POLITICS MEDIA)

Britain's Jeremy Hunt, Minister for Culture, Media & Sport, leaves his office in central London April 24, 2012. Hunt faced calls to resign tonight after revelations at the Leveson Inquiry into links with News Corporation during its bid to gain full control of BSkyB. REUTERS/Olivia Harris (BRITAIN - Tags: POLITICS MEDIA)

Britain's Jeremy Hunt, Minister for Culture, Media & Sport, leaves his office in central London April 24, 2012. Hunt faced calls to resign tonight after revelations at the Leveson Inquiry into links with News Corporation during its bid to gain full control of BSkyB. REUTERS/Olivia Harris (BRITAIN - Tags: POLITICS MEDIA)

Britain's Jeremy Hunt, Minister for Culture, Media & Sport, leaves his office in central London April 24, 2012. Hunt faced calls to resign tonight after revelations at the Leveson Inquiry into links with News Corporation during its bid to gain full control of BSkyB. REUTERS/Olivia Harris (BRITAIN - Tags: POLITICS MEDIA)

Britain's Jeremy Hunt, Minister for Culture, Media & Sport, leaves his office in central London April 24, 2012. Hunt faced calls to resign tonight after revelations at the Leveson Inquiry into links with News Corporation during its bid to gain full control of BSkyB. REUTERS/Olivia Harris (BRITAIN - Tags: POLITICS MEDIA)

Sky's head of news John Ryley leaves the High Court after appearing before the Leveson Inquiry in London April 23, 2012. The judge presiding over an inquiry into British press standards on Monday rebuked the head of Sky News, the influential news channel of Rupert Murdoch-controlled BSkyB, for breaking the law by hacking into emails to generate a story. REUTERS/Paul Hackett (BRITAIN - Tags: ENTERTAINMENT CRIME LAW SOCIETY)

Sky's head of news John Ryley leaves the High Court after appearing before the Leveson Inquiry in London April 23, 2012. The judge presiding over an inquiry into British press standards on Monday rebuked the head of Sky News, the influential news channel of Rupert Murdoch-controlled BSkyB, for breaking the law by hacking into emails to generate a story. REUTERS/Paul Hackett (BRITAIN - Tags: ENTERTAINMENT CRIME LAW SOCIETY)

Sky's head of news John Ryley leaves the High Court after appearing before the Leveson Inquiry in London April 23, 2012. The judge presiding over an inquiry into British press standards on Monday rebuked the head of Sky News, the influential news channel of Rupert Murdoch-controlled BSkyB, for breaking the law by hacking into emails to generate a story. REUTERS/Paul Hackett (BRITAIN - Tags: ENTERTAINMENT CRIME LAW SOCIETY)

BSkyB Chairman James Murdoch, who is also head of News Corp in Europe and Asia, walks off stage after a rehearsal for his James MacTaggert Memorial lecture as part of the Media Guardian Edinburgh International TV Festival in Edinburgh, Scotland, August 28, 2009. Picture taken August 28, 2009. REUTERS/David Moir (BRITAIN - Tags: BUSINESS MEDIA)

Pub landlady Karen Murphy reacts as she talks to media outside the High Court in London February 24, 2012. British satellite broadcaster BSkyB and the English Premier League said they would pursue publicans showing soccer matches on the cheap, despite a legal victory for a landlady who screened action via a Greek network. On Friday the High Court in London overturned the conviction of Karen Murphy, who runs a pub in Portsmouth, on England's south coast. REUTERS/Stefan Wermuth (BRITAIN - Tags: CRIME LAW FOOD MEDIA BUSINESS)

Pub landlady Karen Murphy reacts as she talks to media outside the High Court in London February 24, 2012. British satellite broadcaster BSkyB and the English Premier League said they would pursue publicans showing soccer matches on the cheap, despite a legal victory for a landlady who screened action via a Greek network. On Friday the High Court in London overturned the conviction of Karen Murphy, who runs a pub in Portsmouth, on England's south coast. REUTERS/Stefan Wermuth (BRITAIN - Tags: CRIME LAW FOOD MEDIA BUSINESS)

Pub landlady Karen Murphy reacts as she talks to media outside the High Court in London February 24, 2012. British satellite broadcaster BSkyB and the English Premier League said they would pursue publicans showing soccer matches on the cheap, despite a legal victory for a landlady who screened action via a Greek network. On Friday the High Court in London overturned the conviction of Karen Murphy, who runs a pub in Portsmouth, on England's south coast. REUTERS/Stefan Wermuth (BRITAIN - Tags: CRIME LAW FOOD MEDIA BUSINESS)

Pub landlady Karen Murphy reacts as she talks to media outside the High Court in London February 24, 2012. British satellite broadcaster BSkyB and the English Premier League said they would pursue publicans showing soccer matches on the cheap, despite a legal victory for a landlady who screened action via a Greek network. On Friday the High Court in London overturned the conviction of Karen Murphy, who runs a pub in Portsmouth, on England's south coast. REUTERS/Stefan Wermuth (BRITAIN - Tags: CRIME LAW FOOD MEDIA BUSINESS)

Pub landlady Karen Murphy reacts as she talks to media outside the High Court in London February 24, 2012. British satellite broadcaster BSkyB and the English Premier League said they would pursue publicans showing soccer matches on the cheap, despite a legal victory for a landlady who screened action via a Greek network. On Friday the High Court in London overturned the conviction of Karen Murphy, who runs a pub in Portsmouth, on England's south coast. REUTERS/Stefan Wermuth (BRITAIN - Tags: CRIME LAW FOOD MEDIA BUSINESS)

English pub landlady Karen Murphy poses for photographers inside her pub in Southsea, Portsmouth, southern England in an October 4, 2011 file photo. British satellite broadcaster BSkyB and the English Premier League said they would pursue publicans showing soccer matches on the cheap, despite a legal victory for a landlady who screened action via a Greek network. On Friday the High Court in London overturned the conviction of Karen Murphy, who runs a pub in Portsmouth, on England's south coast. REUTERS/Kieran Doherty/files (BRITAIN - Tags: ENTERTAINMENT MEDIA BUSINESS CRIME LAW POLITICS SOCIETY)

Satellite dishes protrude from a building in London January 31, 2012. BSkyB, Britain's dominant pay-TV group, is to launch an online offering to enable it to better take on the likes of Lovefilm and Netflix, following some signs of slowing growth at its main satellite business. REUTERS/Luke MacGregor (BRITAIN - Tags: BUSINESS COMMODITIES MEDIA)

Satellite dishes protrude from a building in London January 31, 2012. BSkyB, Britain's dominant pay-TV group, is to launch an online offering to enable it to better take on the likes of Lovefilm and Netflix, following some signs of slowing growth at its main satellite business. REUTERS/Luke MacGregor (BRITAIN - Tags: BUSINESS COMMODITIES MEDIA)

Satellite dishes protrude from a building in London January 31, 2012. BSkyB, Britain's dominant pay-TV group, is to launch an online offering to enable it to better take on the likes of Lovefilm and Netflix, following some signs of slowing growth at its main satellite business. REUTERS/Luke MacGregor (BRITAIN - Tags: BUSINESS COMMODITIES MEDIA)

Demonstrators protest outside the BSkyB Annual General Meeting at the Queen Elizabeth II Conference Centre in central London November 29, 2011. James Murdoch will probably survive a row with investors to be re-elected as chairman of BSkyB with the support of News Corp but that link to his father's firm, tainted by the phone hacking scandal, could spell more problems with the regulator. REUTERS/Neil Hall (BRITAIN - Tags: MEDIA BUSINESS POLITICS)

Demonstrators protest outside the BSkyB Annual General Meeting at the Queen Elizabeth II Conference Centre in central London November 29, 2011. James Murdoch will probably survive a row with investors to be re-elected as chairman of BSkyB with the support of News Corp but that link to his father's firm, tainted by the phone hacking scandal, could spell more problems with the regulator. REUTERS/Neil Hall (BRITAIN - Tags: MEDIA BUSINESS POLITICS)

A demonstrator wearing a mask depicting BSkyB Chairman James Murdoch poses for photographers outside the Houses of Parliament in London November 10, 2011. Murdoch faces a second grilling by UK parliamentarians on Thursday over his role in a phone-hacking scandal at the News of the World tabloid that could make or break his credibility as the next head of his father Rupert's media empire. REUTERS/Suzanne Plunkett (BRITAIN - Tags: MEDIA BUSINESS POLITICS SOCIETY)

Satellite dishes are seen on the side of a block of flats in south London July 29, 2011. British Sky Broadcasting said full-year revenues for the 12 months to end-June rose 16 percent to 6.6 billion pounds. Adjusted operating profit, it said on July 29, rose 23 percent to 1.1 billion pounds. REUTERS/Luke MacGregor (BRITAIN - Tags: MEDIA BUSINESS)