News Corp has agreed to buy London-listed broadcaster Wireless Group in a 220.3 million pound ($296 million) deal, which will give the US media company access to the UK and Ireland radio markets.

News Corp has offered 315 pence per Wireless share, the two companies said in a joint statement on Thursday.

The offer price represents a 70.3 percent premium to Wireless stock's Wednesday close.

($1 = 0.74 pounds)