News Ltd sells 44 percent stake in Sky TV - UPDATED

  • Media
  • March 4, 2013
  • Sim Ahmed
News Ltd sells 44 percent stake in Sky TV - UPDATED

Update 5 March: News Limited has sold off its 44 percent stake in Sky TV, according to an announcement made by Sky to the New Zealand Stock Exchange this morning. Sky has lifted the trading halt on its shares.

Original Story: Murdoch-owned News Limited has announced it is selling its 44 percent stake in New Zealand's Sky TV.

News Limited has appointed Deutsche Bank to underwrite the sale, which will be managed in partnership with Craigs Investment Partners. At current price values, News Limited's 170 million shares is worth around $878 million.

News Limited has requested that Sky seeks a trading halt for up to two days, which Sky has obtained.

Sky enjoys a strong monopoly in New Zealand, which has allowed it to secure favourable content distribution deals in the country. News Corporation, of which News Limited is a subsidiary and the owner of such properties as Fox News and The Wall Street Journal, says the sale is unlikely to affect Sky's access to content in the future.

"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," says News Corp president Chase Carey.

Sky TV chief executive John Fellet says he's unable to talk about today's announcement until after the sale does or does not occur. 

Last month Sky posted a half-year profit of $68.2 million, up by nine percent from the previous year. Sky's subscriber numbers remain steady at just under 850,000, but the number of MySky subscribers who pay a premium for the product rose by 28 percent to 424,000. 

This is a community discussion forum. Comment is free but please respect our rules:

  1. Don’t be abusive or use sweary type words
  2. Don’t break the law: libel, slander and defamatory comments are forbidden
  3. Don’t resort to name-calling, mean-spiritedness, or slagging off
  4. Don’t pretend to be someone else.

If we find you doing these things, your comments will be edited without recourse and you may be asked to go away and reconsider your actions.
We respect the right to free speech and anonymous comments. Don’t abuse the privilege.

Stuff partners with Māori Television and SkyKiwi

  • Media
  • December 10, 2018
  • StopPress Team
Stuff partners with Māori Television and SkyKiwi

Stuff is set to increase its coverage of stories that matter to Māori and the New Zealand Chinese community through content sharing agreements with Māori Television and SkyKiwi.

Read more
Next page
Results for

StopPress provides essential industry news and intelligence, updated daily. And the digital newsletter delivers the latest news to your inbox twice a week — for free!

©2009–2018 ICG Media. All rights reserved.
Use of this site constitutes acceptance of our Privacy policy.


Contact Vernene Medcalf at +64 21 628 200 to advertise in StopPress.

View Media Kit