21st Century Fox is confident it can wrap up an 18.5 billion deal for Sky next year

LONDONRupert Murdochs 21st Century Fox has made a formal offer to take full control of Sky in a deal valuing the British pay-TV giant 18.5 billion ($23 billion).And Murdoch believes he can overcome regulatory hurdles to wrap up a deal next year. "21st Century Fox currently anticipates that the acquisition will complete before the end of 2017," said a Sky press release announcing the formal offer.21st Century Fox already owns 39.1% of Sky, which airs "Game of Thrones" in the UK, and Murdoch has long coveted the remaining 61%. Thursday's agreement makes formal Fox's proposed offer price last week of 10.75 per Sky share.British culture secretary Karen Bradley now has 10 working days to decide whether the deal raises public interest concerns, according to The Guardian. Any issues are likely to centre on media plurality and too much power being concentrated in Murdoch's hands. If Bradley does intervene, she will ask media regulator Ofcom to carry out a market assessment.A Sky takeover will give Murdoch total control of Sky News, as well as Fox News in the UK. Through News UK, he also owns newspapers The Sun and The Times.In Thursday's announcement, 21st Century Fox said: "The enhanced capabilities of the combined company will be underpinned by a more geographically diverse and stable revenue base. It will also create an improved balance between subscription, affiliate fee, advertising and content revenues. This combination creates an agileorganisation that is equipped to better succeed in a global market."Sky deputy chairman Martin Gilbert added: "While the independent committee remains confident in Skys long-term prospects, as laid out in detail at our recent investor day in October, we, supported by our advisers, believe 21st Century Foxs offer at a 40%. premium to the undisturbed share price will accelerate and de-risk the delivery of future value for all Sky Shareholders. As a result, the independent committee unanimously agreed that we have a proposal that we can put to Sky shareholders and recommend."Join the conversation about this storyNOW WATCH: Why almost every pair of jeans has a zipper that says 'YKK
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