NZ's Sky TV falls 6 pct after News Corp sells out

WELLINGTON, March 5 Mon Mar 4, 2013 4:09pm EST

WELLINGTON, March 5 (Reuters) - Shares in New Zealand's dominant pay television operator, Sky Network Television Ltd , fell sharply on Tuesday after News Corp completed the sale of its 44 percent stake.

Sky TV, which had been on a trading halt while the sale was completed, initially fell 5.4 percent in early trade. It extended the drop to be down 32 cents or 6.2 percent to NZ$4.85, the lowest for the year.

Earlier Sky said it had been informed that News had sold the shares to a range of institutional investors.

Sky offers about 100 television and radio channels and also operates free-to-air channel Prime Television. It also has a joint venture service with the state owned Television New Zealand, Igloo, with a mix of free-to-air and pay content.

($1=NZ$1.21)

(Gyles Beckford)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article