By Rebecca Howard
WELLINGTON--Sky Network Television Ltd (SKT.NZ) said Monday its
major shareholder News Ltd., a unit of News Corp. (NWS, NWSA), will
sell its 44% stake in the company to a broad range of institutional
and retail investors.
A Sky Network Television spokeswoman confirmed the news but said
no reason had been given. News Ltd. has appointed Deutsche Bank to
underwrite and, together with Craigs Investment Partners, to
manage, the sales of its shares, Sky Network Television said in a
release to the New Zealand stock exchange.
Sky Network Television has been placed on a trading halt for up
to two days for the transaction. Trading is expected to resume no
later than Wednesday.
The shares closed at 5.17 New Zealand dollars (US$4.26)
Friday.
News Corp. owns Dow Jones & Co., publisher of The Wall
Street Journal and this newswire.
Write to Rebecca Howard at rebecca.howard@wsj.com
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