Sky shares soar on News Corp bid talk

Sky's share price reached a 52-week high today amid reports that Rupert Murdoch's News Corp intends to launch a bid to take the firm into private ownership.

The satellite broadcaster's share price climbed by 4.9% to 597.5 pence, before dropping back to 583.5 pence as of noon.

According to the Financial Times, traders are speculating that News Corp is plotting a bid of 735 pence per share for the 60% stake in Sky that it does not already own.

Sam Wright, a trader at Spreadex, said: "We're seeing interest in the media sector and have seen reports of a possible interest of Murdoch in Sky."

However, Sky and News Corp declined to comment on the speculation.