News Corp Australia has bought Sky News proprietor Australian News Channel from partners including Murdoch-controlled UK satellite company Sky PLC.

Seven West Media, Nine Entertainment Company and Sky - of which Rupert Murdoch's 21st Century Fox owns a 39.14 per cent stake - owned ANC in an equal joint venture. The company, which owns and operates Sky News channels in Australia and New Zealand, as well the international Australia Channel, says content from Nine, Seven and Sky will continue to be part of the Sky News service "for many more years".

In a statement, News Corp Australia executive chairman Michael Miller says the acquisition brought together two of Australia's strongest and most credentialed news media sources and reinforced News Corp's "continued commitment to quality journalism, talent and content".

He said the acquisition was motivated by the News Corp's increasing recognition of Sky News' talent, programmes and audiences. "Together, we will ensure the strengths and benefits of each company are leveraged fully in the long term," he said.

News Corp writers already feature regularly on Sky, including Andrew Bolt, Chris Kenny and Peter van Onselen.

Australian News Channel chief executive Angelos Frangopoulos said the transaction "signalled tremendous opportunities to grow and develop talent, content and revenue".

He said the deal "goes beyond securing the future of this company - it means it will be playing a significant role".

Sky News Australia commenced its 24-hour news service in 1996. It currently broadcasts to 2.5 million homes and locations across Australia and New Zealand via cable networks including Foxtel, which is co-owned by News Corp and Telstra.

No mention has been made yet of referral for regulatory approval.

• The move is placed in context in a report in the News'-owned Australian newspaper by Darren Davidson, who describes it as a "significant step towards creating a pure-play media company".

He says talk of a possible takeover first emerged in February last year, two years ahead of the expiry of ANC's 21-year carriage agreement with Foxtel in February 2017. "Negotiations become so strained that the refusal by some shareholders to countenance any changes in control and a speedy conclusion to talks saw News Corp executives draw up contingency plans to go it alone," says Davidson.

His report estimates the value of the deal at $20 million.