NZ shares fall as Sky TV shows its hand

Investors did not immediately warm to the idea of Sky TV shelling out upwards of $100m for another legacy media brand. (Image: Supplied)

Dan Brunskill

Tue, 07 Jun 2022

New Zealand shares fell on Tuesday as investors returned from the long weekend to find Sky Network Television was more likely to make an acquisition than be bought out themselves.The S&P/NZX 50 Index fell 151 points, or 1.3% percent, to 11,265.70. Turnover was $132 million.Last week, investors were excited by rumours, published in the Australian Financial Review, that private equity funds had been asked to consider buying Sky TV.Shares in the pay-television company jumped more than 7% on the prospect of a $500m takeover and an easy exit for...

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