News Corp has made a £220 million agreed bid for Wireless Group, the owner of Virgin Radio and TalkSport.

The takeover by Rupert Murdoch’s group still needs to win regulatory approval and the backing of Wireless shareholders.

Richard Huntingford, executive chairman of Wireless, described the outcome as “excellent”.

The cash offer will see Wireless shareholders receive 315p per share, while named shareholders from 20 May this year will receive a special dividend of 6.15p and a final dividend of 7.6p.

Wireless has the digital broadcasting rights to the English Premier League and the FA Cup. It also has the global live audio rights to the Premier League in multiple languages until 2019.