New Zealand's top television operator, Sky Network Television Ltd has confirmed that is near majority shareholder News Corp would be selling off its 44% stake in the company. To facilitate the sale, brokerage firms Deutsche Bank and Craig Investment Partners would oversee the transaction to transfer the shares to retail and/or institutional purchasers.
As a result, share trading on the bourse was halted for Sky TV shares as the transaction is to be completed within a couple of days. Share prices closed at Aus$4.14 per share and the sale of the forty four percent stake is expected to amount to Aus$700 million or US$714 million.
Sky TV has held a near monopoly in pay TV services in New Zealand, offering about 100 television and radio channels. It also operates free TV channel Prime Television. It also has an ongoing joint venture with Television New Zealand, the state owned television station, called Igloo.
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