News Corp. to Exit New Zealand Sky

Selling 44% stake as it sheds minority ventures

News Corp. Exit New Zealand Sky

News Corp. said Sunday its News Limited subsidiary will unload 44% of New Zealand’s pay TV service Sky Network Television to a broad range of institutional and retail investors.

The conglom has hired Deutsche Bank and Craigs Investment Partners to oversee a sale of the shares, which rep its entire stake. The move continues News Corp.’s strategy of either exiting minority investments in companies that it can’t control, or buying them out.

“Sky is a world class subscription television business and has been an outstanding investment for News Corporation.  We and Sky have always enjoyed an excellent, arms-length working relationship and we expect this to continue unaffected by the sale. In particular, we do not anticipate any change to current arrangements regarding access to content and collaboration on technology,” said News Corp. chief operating officer Chase Carey (pictured above) in a statement.

Michael Miller, Regional Director of News Limited, will resign from the Sky board.