A sum of $12 billion will be paid by Rupert Murdoch's News Corp. in order to take full control of the British satellite broadcaster BSkyB, because it wishes to generate steadier earnings and make better use of the large amount of money, it has.

Murdoch founded BSkyB, more than 20 years ago. BSkyB, which is still chaired by his son James, insisted a higher offer on Tuesday for the 61% of BSkyB, which News Corp. fails to own, presently. It was proposed by News Corp to pay 700 pence per share for BSkyB, which represents a 17% premium to Monday's closing price.

But the bid was rejected by BSkyB's independent Directors collectively for being too low, who shared that they would like to support an offer of above 800 pence per share.

Shares in BSkyB witnessed their biggest single-day jump for a decade, as it leapt as much as 22% and were later increased 17.15% at 703.5 pence on expectations that there is a possibility of a deal. At midday, News Corp shares were up 7.24% at $14.07 on the Nasdaq.

The Company is focused on funding a deal with cash as well as debt, revealed News Corp. President, Chase Carey and Chief Financial Officer, David DeVoe. News Corp. executives indicated that if News Corp and BSkyB are unable to enter into a satisfactory agreement, then they have other options, too.