News Corp sells stake in NZME

News Corp has sold its 14.9% stake in New Zealand Media and Entertainment (NZME), according to reports.

NZME logo

The Australian Financial Review has reported it sold its stake for 64 cents a share to Australian and Kiwi institutions.

A formal announcement is expected soon.

The sale comes amid a planned merger between Fairfax New Zealand and NZME.

The deal, which is subject to approval from the New Zealand Commerce Commission, will see a wholly owned NZME subsidiary pay NZ$55m in cash for Fairfax NZ’s assets, and issue Fairfax Australia with a 41% share in the company.

The deal is also subject to approval by NZME shareholders.

A final NZCC determine is currently expected on or before March 15, 2017.


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