NEW YORK (AP) — News Corp. is selling its 44 percent stake in Sky Network Television Ltd., a pay TV broadcasting service in New Zealand.
The company said Sunday that a subsidiary, News Ltd., has hired investment banks to help with the share sale to institutional and retail investors.
No other terms were disclosed.
As a result of the sale, a News Ltd. regional director, Michael Miller, will resign from the Sky board.
News Corp. has been selling off minority stakes in companies as it prepares to separate into two companies, one holding its struggling newspaper and Australian assets, the other its faster growing film and TV assets.
The move is intended to boost the value of its entertainment company, which will be renamed Fox Group.
- What Is Your U.S. Income Percentile Ranking?
Concealed Carry: What To Do When Stopped By The Police - Bearing Arms - Concealed Cary, Video
Exposed: Obama’s Love for Jihadis and Hate for Christians | Human Events
Doug Giles - Here’s Why Islam Wants Our Heads -- In THEIR Own Words
How did the FBI manage to “lose” Sharyl Attkisson’s file?
Colorado FOP slams 'fools' who say shooter alive due to race
Narrative Down? Neighbors Say Robert Lewis Dear Never Talked Religion Or Abortion | RedState