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News Ltd to sell New Zealand Sky TV stake

  • New Zealand television operator, Sky Network Television, announced on Monday that its major shareholder News Corp is to sell its 44 percent stake.

    The news comes after it confirmed weekend media reports that brokers Deutsche Bank and Craig Investment Partners had been hired to oversee the sale of the shares to institutional and retail investors.

    Sky TV has been placed on a trading halt and the disposal of the shares is expected to take two days.

    The stake in Sky, which enjoys a near monopoly in pay television services in New Zealand, is estimated to be worth $714 million.

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