News Corp to sell its Sky New Zealand stake

News Corp to sell its Sky New Zealand stake Zeebiz Bureau

Wellington: News Corp, the parent company of media mogul Rupert Murdoch declared on Monday that it will sell 44 percent of its stake in New Zealand’s Sky Network Television for US 671 million.

News Corp’s Australian arm News Limited stated that shared would be offered to institutional and retail investors. The statement, however, did not clarify and figures on the sale.

Meanwhile, The Australian newspaper, which is part of News Limited, said that shares will be price at NZ$4.80 each, making the stake worth NZ$815 million.