News Corp dumps NZME stake at 11% discount

Fri, 07 Oct 2016

By Paul McBeth Oct. 7 (BusinessDesk) - Australian media giant News Corp has quit its stake in local media group NZME at a deep discount. The publishing arm of the Murdoch family's media empire sold its entire 14.9 percent stake in the New Zealand firm, which wants to merge with its biggest rival Fairfax New Zealand, News spokeswoman Liz Deegan confirmed to BusinessDesk. NZX data show 13 million of News's 29.4 million dual-listed NZME shares sold at 67.8 cents on the New Zealand market today for an aggregate $8.8 million, an 11 percent di...

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