News Corporation is to sell its 45% share in the New Zealand publisher, Independent Newspapers Limited (INL), in a deal worth £420 million.
INL has said that its publishing assets which include the
Dominion Post in Wellington and
The Press in Christchurch will pass to the Australian newspaper company, John Fairfax Holdings. The deal will result in the creation of Australasia’s largest print media group but INL will retain its 66% stake in Sky TV in New Zealand.
Analysts believe that News Corp is raising funds in order to finance its bid for the US satellite platform, DirecTV (see Murdoch Seals Acquisition Of DirecTV) and the sale of INL is a further sign of Rupert Murdoch’s desire to move away from print media.
