12/15/2016 03:02 EST | Updated 12/16/2017 00:12 EST

21st Century Fox to take over European broadcaster Sky

LONDON — Twenty-First Century Fox and Sky PLC say they have agreed on an 11.7 billion pound ($14.6 billion) takeover of the British broadcaster by the U.S.-based media giant.

The deal announced Thursday values Sky shares at 10.75 pounds ($13.41) each. It is not expected to be complete before the end of 2017.

Rupert Murdoch's Fox already owns just over 39 per cent 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 Twenty-First 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.