21st Century Fox Inc. has proposed to acquire Sky plc for £10.75 per share in cash, Sky News reported Dec. 9, citing a statement by the independent directors of the British broadcaster.

The companies, however, are still discussing certain material offer terms and "there can be no certainty that an offer will be made by 21st Century Fox, nor as to the terms of any such offer," Sky said in a statement.

Sky's stock was up about 31% in intra-day trading following the announcement.

Fox already owns more than 39% of Sky.