5 Mar 2013

Share price slips as Sky TV stake sold

8:44 pm on 5 March 2013

Shares in Sky Network Television have fallen nearly 3% following the completion of the sale of News Corporation's stake in the pay-to-view operator.

Shares in the pay TV company were put in a trading halt on Monday when it was announced News Limited would sell its stake of 44%.

Sky says the stock has been sold to a range of institutional investors.

A halt in trading of Sky shares was lifted at 8.45am on Tuesday.

At midday on Tuesday, its shares had fallen 22 cents to $4.95 each, but those losses were pared back by the close of trading, to a share price of $5.02, a fall of 15 cents (down 2.9%)

News Ltd is a subsidiary of News Corp which has been reviewing its global media assets for some time.