Murdoch\\\'s 21st Century Fox pledges to extend buybacks

Rupert Murdoch's 21st Century Fox said on Friday it would renew a share buyback program using the proceeds from its partial exit from European pay-TV, regardless of any acquisitions the media group undertakes. The company made the pledge in a statement announcing the sale of Fox's Italian and German pay-TV units to BSkyB for $9 billion in cash and assets. In August 2013, Fox's board authorized a $4 billion share buyback over the next 12 months. Fox recently made an unsolicited $80 billion bid for media conglomerate Time Warner, which was rejected by its management as too low. The 83 year-old mogul is expected to use the proceeds from his partial exit from Europe to fuel its pursuit of Time Warner, with some analysts expecting him to return with a higher bid. Fox owns 100 per cent of Sky Italia, 57 per cent of Sky Deutschland and 39 per cent of BSkyB, according to Reuters.