As previously reported in Reuters, News Corp SA has completed the sale of its 44% share in New Zealand's Sky Network Ltd. Sky Network is New Zealand's biggest pay TV service provider.
News Ltd is a subsidiary of Rupert Murdoch's media conglomerate News Corp, owned the shares and had sold them off to a number of institutional investors. Because of the sale, Sky Network's shares fell by as much as NZ$4.84 after 163.1 million shares were sold at NZ$4.80 because of the sale. At market close, Sky Network shares fell to NZ$4.96 or a loss of NZ$0.21 or 4.1% of opening value.
Deutsche Bank AG and Craigs Investment Partners oversaw the sale. The proceeds would help News Corp's plans to divide its interests between its growing television business and its depreciating publishing division to be completed within the year.
The sale did not affect other ongoing projects of Sky Network, one of which is a public-private venture with the New Zealand government aimed to educate children.
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