News Corporation has sold its near 44 percent stake in New Zealand's dominant pay television operator, Sky Network Television Ltd, although no immediate details on the price were available, the companies said on Tuesday. Sky TV said it had been informed that News had sold the shares to a range of institutional and retail investors.The pay-television company's closing price on Friday was NZ$5.17. Media reports had suggested the shares were being sold at a discount of around 7 percent at NZ$4.80 each.A trading halt imposed on Monday was lifted. The sale was handled by Deutsche Bank and Craig Investment Partners.Sky offers about 100 television and radio channels and also operates free-to-air channel Prime Television. It also has a joint venture service with the state owned Television New Zealand, Igloo, with a mix of free-to-air and pay content.
News Corporation is a diversified global media company. Shares of NWSA traded higher by 1.15% or $0.335/share to $29.48. In the past year, the shares have traded as low as $13.55 and as high as $24.04. On average, 19309000 shares of NWSA exchange hands on a given day and today's volume is recorded at 10749618.
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