News Corp. (NWS) announced that its News Limited subsidiary will divest its 44% stake in SKY Network Television Limited.
News Limited has appointed Deutsche Bank to underwrite and, together with Craigs Investment Partners, to manage, the sales of its SKY shares.
It is expected that the shares will be sold to a broad range of institutional and retail investors.
The company said that following the sales, News Limited will no longer have any holding in SKY Network Television Limited.
News Corp. stated that as a result of the sale, Michael Miller, Regional Director of News Limited, will resign from the board of SKY.
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