Sky Deutschland - cheap television A $12bn net cash pile would burn a hole in anyone's pocket, never mind someone as impatient as Rupert Murdoch. The News Corp chairman is back in acquisitive mood, buying 49 per cent of YES, the network that broadcasts New York Yankees baseball games, this week. Could Germany be next in his sights? Mr Murdoch has been thwarted in his main ambition - to buy the rest of British Sky Broadcasting - by the phone hacking scandal. But with News Corp splitting its publishing and entertainment arms, he is not without alternatives to reshape his European television business. A ruling on Tuesday by Munich tax authorities that Sky Deutschland can preserve accrued tax losses in the event of a change in its shareholder structure has caused heads to turn towards Germany. Sky Deutschland, of which News Corp owns a whisker under 50 per cent, has €2.3bn of such losses, though the amount it could use would depend on the company's value. Nevertheless, the ruling would appear to remove a disincentive to News Corp lifting its stake. Investors certainly thought so - shares in Sky Deutschland jumped as much as 13 per cent on Wednesday, valuing the company at €3bn. News Corp said at its full-year results presentation in August that it was happy with its position at Sky Deutschland. But if Mr Murdoch wants full control of BSkyB, why not of Sky Deutschland? It is growing fast (80,000 new customers in the third quarter), and has turned the corner financially, reporting a small pre-tax profit in the third quarter. It should break even in 2012 after several years of losses. Germany is a tougher market for satellite-TV than the UK or Italy because of the prevalence of cable. And News Corp has a $10bn share buyback scheme. With Mr Murdoch unable to get his way in the UK, however, there may be enough change left to take his frustrations out in Germany.