Sky TV has terminated discussions about a potential takeover, after rejecting a bid that fell short of expectations.
Last month the company revealed it received a non-binding expression of interest to be bought by an unnamed third party.
It said the interest was highly preliminary, confidential and incomplete.
But in a share market announcement on Wednesday morning, Sky said it received an updated non-binding offer from the third party yesterday.
"[The third party was] proposing a transaction at a value range which falls short of the board's view of the fair intrinsic value of Sky and, based on recent unsolicited feedback, the view of a number of Sky's institutional shareholders," Sky said in a statement.
The company rejected the offer and ended discussions.
It said that with talks ended, the board would recommence its $15 million share buyback programme on the same terms announced at the end of March.
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