Will British Sky Broadcasting (BSYBY) Stock Be Helped By European Deal As Murdoch Attempts to Buy Time Warner (TWX)?

NEW YORK (TheStreet) -- Shares of British Sky Broadcasting Group  (BSYBY) are up 0.92% to $63.40 as Britain's pay-TV group will tomorrow announce its multi-billion euro deal to buy Rupert Murdoch's assets in Italy and Germany, which will create a pan-European entity with nearly 20 million customers, Reuters reports.

BSkyB, which is 39%-owned by Murdoch, will buy all of Sky Italia and 57% of Sky Deutschland from Murdoch's 21st Century Fox (FOXA), which wants to raise cash to buy Time Warner (TWX).

Analysts expect the deal to cost between 7 billion and 9 billion euros, Reuters said. 

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