SYDNEY, Australia — Rupert Murdoch’s News Corp. has sold its entire 7.5% stake in rival Australian company Fairfax Media for about 380 million Australian dollars ($312 million), both companies said Monday.
Reasons for the sale were not given, but it comes less than a week after Murdoch launched a $5 billion bid for Dow Jones & Co., publisher of the Wall Street Journal and Dow Jones Newswires, in an effort to expand his global media empire in the United States.
Fairfax chairman Ron Walker said News Corp. had informed the company that it had sold its 75 million shares at 5.07 Australian dollars each. News confirmed the sale, without giving reasons.
Fairfax shares fell 2.66 percent Monday to close at 5.13 Australian dollars.