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- Release Date: 04/03/13 10:48
- Summary: ASSET: SKT: News Limited Selling SKY Shareholding
- Price Sensitive: No
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SKT
04/03/2013 08:48
ASSET
REL: 0848 HRS Sky Network Television Limited
ASSET: SKT: News Limited Selling SKY Shareholding
Sky Network Television Limited today received the following communication
from its major shareholder, News Limited:
"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.
Chase Carey, President and Chief Operating Officer, 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."
As a result of the sale, Michael Miller, Regional Director of News Limited,
will resign from the board of SKY."
News Limited and its directors are not in possession of any material
information that has not been disclosed to the market.
News Limited has requested that Sky Network Television Limited seek a trading
halt for up to two days to enable the transaction to occur, which Sky has
obtained. Trading is expected to recommence no later than Wednesday 6 March.
-ends-
For further information please contact:
SKY Television
Kirsty Way - Corporate Communications
021 422 794 or [email protected]
John Fellet - Chief Executive
021 613 284 or [email protected]
End CA:00233706 For:SKT Type:ASSET Time:2013-03-04 08:48:07
