News Corp selling New Zealand Sky

New Zealand’s dominant pay television operator, Sky Network Television Ltd, confirmed yesterday that its major shareholder News Corp is to sell its 44 per cent stake in the network. It confirmed weekend media reports that brokers Deutsche Bank and Craig Investment Partners would handle the sale of the shares to institutional and retail investors. Sky TV was placed on a trading halt and the disposal of the shares is expected to take two days. Shares in Sky, which has a near monopoly in pay television services in New Zealand, closed on Friday at Australian $4.14 a share, meaning the stake would be worth about A$700m (£470m).