News Corp. raises stake in Sky Deutschland

AP News
Posted: Dec 21, 2009 12:11 PM

News Corp., the media conglomerate controlled by Rupert Murdoch, said Monday it will raises its stake in German pay TV operator Sky Deutschland AG to 45.4 percent.

News Corp. said it will pay between 110 million euros ($157.4 million) and 120 million euros for up to 49 million newly issued shares in the company in January. Its previous stake was just under 40 percent.

News Corp. said the per-share price of the new stock will be the greater of either 2.25 euros ($3.22) each or a three percent discount to the company's average trading price over the five days prior to the sale on the Frankfurt-based Xetra electronic exchange.

News Corp. shares were up 43 cents, or 3.2 percent, to $13.78 in morning trading.