James and Lachlan Murdoch were kids when their father bought into a little British outfit called Satellite Television 33 years ago. Now they're helping Rupert Murdoch in his effort to take control of the company that grew into the European giant Sky Plc in a proposed deal that would be the biggest in the media mogul's half-century career.

Murdoch's 21st Century Fox Inc, which owns 39 percent of Sky, agreed on Thursday on the deal terms. It will pay ??11.7 billion ($14.5 billion) for the remaining 61 percent stake. The deal is subject to governmental as well as watchdog reviews because of fears the Murdochs may wield excessive influence over UK media, and comes amid concerns that Sky's nonexecutive directors are not independent enough to make 21st Century Foxpay a higher price.

Should the deal work out as planned, the 85-year-old billionaire would wrap up a piece of unfinished business five years after his first bid was derailed by a newspaper spying scandal, while his sons would lay the groundwork for the next chapter.