The Murdoch owned News Corporation has finally made its move on the UK satellite broadcaster BSkyB and the timing of this bid could not be better for News Corp.
Currently, News Corp own 39.1 per cent of BSkyB and the firm has offered £7 per share for the remaining 60.9 per cent.
This is a premium of 17 per cent on the market close on Monday; however this offer has been rejected by the board.
For News Corp, cash is not an issue, as this is a company that has come out of the recession in great shape and with estimated cash reserves of around $8 billion.
As such, the bid is dead, although a higher bid, closer to £8 per share, would secure the takeover of BSkyB and herald a new era in the UK pay-TV market.