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.