News Corp. takes control of Sky Deutschland

News Corp. will take a majority stake in Sky Deutschland for the first time following a capital increase by the German pay TV company.

Sky Deutchland plans to raise €347 million by issuing new shares to News Corp subsidiary News Adelaide for €4.46 a share, a 3% discount to its closing price on Friday.

The move, which will see News Corp raise its stake from 49.9% to 54.5%, followsregulatory clearance for News Corp. to take a majority stake in Sky Deutschland in November.

Sky Deutschland has also struck an agreement with News Corp. under which the latter has agreed to back it with credit facilities to the tune of €300 million.

Sky Deutschland said it grew its subscriber base by 351,000 over the course of 2012 to end the year with 3.363 million customers.

The company recently signed a deal securing rights to Bundesliga coverage until 2017 for €1.9 billion, almost twice as much per season as the previous deal.