Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

New Corp completes $815.3M sale of Sky TV stake

New Corp completes $815.3M sale of Sky TV stake

March 5 (BusinessDesk) - Rupert Murdoch's News Corp completed the $815.3 million sale of its stake in local pay-TV operator Sky Network Television.

The global media empire slated for a demerger along publishing and broadcasting lines later this year sold its 44 percent stake in Sky TV at $4.80 a share in an underwritten placement to institutional investors. Sky TV today said the sale has been completed.

A trading halt on the shares put in place for the sale has now been lifted. The stock last changed hands at $5.17 on Friday.

Murdoch’s exit from the pay-TV firm comes four months after New Zealand’s billionaire Todd family sold its 11 percent stake for $218 million at $5.05 a share. That was a discount of 5.8 percent at the time. News took the cornerstone stake in Sky TV via a merger with Independent News Ltd in 2005.

The stock is rated an average ‘outperform’ based on nine analyst recommendations compiled by Reuters, with a median target price of $5.535.

Last week, the New Zealand pay-TV operator reported a 9 percent lift in first-half profit to $68.2 million, with a total subscriber base at 846,988.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Petya: New Ransomware Campaign Hits Worldwide

A new ransomware campaign known as Petya is affecting computer networks using Microsoft Windows. It was first seen affecting systems in the Ukraine, but is quickly spreading across other computer networks in Europe. More>>

ALSO:

Skodafone Goneski: Sky TV, Vodafone Drop $3.44 Billion Merger Plan

Sky Network Television and Vodafone New Zealand have terminated their merger agreement which aimed to create the country's largest telecommunications and media group, and have withdrawn an appeal against the Commerce Commission's rejection of the plan. More>>

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>