(By Balaseshan) News Corp. (NASDAQ: NWSA), a media company, said its unit Star Entertainment Holdings Ltd. has agreed to sell about 5.28% stake in Phoenix Satellite Television Holdings Ltd. for about $92 million.
Following the sale, Star Entertainment Holdings Limited's total ownership stake in Phoenix will be reduced to about 12.16%.
"We believe the company's strong position in all of the segments in which it operates, combined with the country's robust consumer market, will continue to drive growth. Today's sale is simply a part of our broader global agenda of simplifying our affiliate ownership structures," said James Murdoch, Deputy Chief Operating Officer, Chairman and CEO, International, News Corp.
[Related -News Corp Options Active After Earnings]
On March 8, News Corp. said it filed an amendment to its Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) in connection with its intention to separate its businesses into two independent, publicly-traded companies.
The Form 10 has been amended to provide additional financial information about the new News Corp., including its capital structure and pro-forma combined financials.
The new News Corp. will comprise a range of market-leading brands in news and information services, integrated marketing services, digital real estate services, book publishing, and digital education, as well as sports programming and pay-TV distribution in Australia.
On March 3, News Corp. said its News Ltd. subsidiary will divest its 44% stake in SKY Network Television Ltd., New Zealand's pre-eminent pay television broadcasting service. Following the sales, News Ltd. will no longer have any holding in SKY Network Television.
[Related -News Corp: Key Catalysts Under Way]
NWSA is trading up 1.17% at $30.21 on Friday. The stock has been trading between $18.32 and $30.76 for the past 52 weeks.