WELLINGTON, March 5 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.