News Corp (ASX:NWS) subsidiary News Limited will divest its 44 per cent stake in New Zealand’s leading pay TV service, SKY Network Television Limited (NZE:SKT).
Sales of SKY shares will be managed by Deutsche bank and New Zealand investment firm Craigs Investment Partners.
News Corp CFO Chase Carey says SKY is a world class subscription TV business and has been an outstanding investment.
Mr Carey says News Corp does not expect the sale to present any changes to current arrangements regarding access to content and collaboration on technology.
Shares are expected to be sold to a broad range of institutional and retail investors.
News Corporation reported a net profit of $1.4 billion in the 2012 financial year.
NWS Price at posting:
$26.81 Sentiment: None Disclosure: Held
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