News Corporation to sell stake in New Zealand’s SKY Network Television Limited
Sydney, Australia – News Corporation announced that its News Limited subsidiary will divest its 44% stake in SKY Network Television Limited, New Zealand’s pre-eminent pay television broadcasting service.
News Limited has appointed Deutsche Bank to underwrite and, together with Craigs Investment Partners, to manage the sales of its SKY shares. It is expected that the shares will be sold to a broad range of institutional and retail investors. Following the sales, News Limited will no longer have any holding in SKY Network Television Limited.
As a result of the sale, Michael Miller, Regional Director of News Limited, will resign from the board of SKY.
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