News Corp. Sells Stake in New Zealand’s SKY Network Television

SYDNEY: News Corporation’s News Limited subsidiary is divesting its 44-percent stake in the New Zealand pay-TV service SKY Network Television.

The shares are expected to be sold to a range of institutional and retail investors. Following the sale, News Limited will no longer have any holding in the service. Michael Miller, the regional director of News Limited, will also step down from the board of SKY.

Chase Carey, the president and COO of News Corporation, said: “SKY is a world class subscription television business and has been an outstanding investment for News Corporation. We and SKY have always enjoyed an excellent, arms-length working relationship and we expect this to continue unaffected by the sale. In particular, we do not anticipate any change to current arrangements regarding access to content and collaboration on technology.”