Arash Massoudi

Liberty Global and Telefónica have struck a landmark deal to combine their British operations O2 and Virgin Media in a £31.4bn agreement that will reshape the UK’s telecoms market. Under the terms of the agreement, the companies will have equal ownership of O2 and Virgin Media and have built-in mechanisms for a potential float of the combined business in three years.

Rupert Murdoch’s 21st Century Fox has agreed to new terms to acquire Sky, the pan-European TV group, in a deal worth £24.5 billion that is designed to see off a rival offer from US media giant Comcast.