Join        Login             Stock Quote

News Corp. (NWSA) Unit To Sell Partial Stake In Phoenix Satellite Television

 March 22, 2013 10:58 AM

(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.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageThe S&P 500’s Worrisome Downturn In Drawdown

Last Friday I reviewed some of the bearish signals that were casting dark shadows across the US stock read on...

article imageADP: Private-Sector Employment Rises A Solid 200k In September

The pace of growth for private-sector employment picked up in September, according to this morning’s ADP read on...

article imageTreasury Market’s Inflation Expectations Tumble

The odds for a Fed rate hike are falling like a stone, or so it appears based on the implied inflation read on...

article imageEmerging Market Stocks: Last Week’s Red-Ink Leader

Value investors on the lookout for bargains have recently been eyeing up the battered corner of emerging read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.