Rupert Murdoch’s News Corp has taken full control of the Australian and New Zealand versions of the Sky News 24/7 news broadcaster.
News Corp has reportedly paid between A$20-25 million for the shares in the business that he did not already own via BSkyB. The other stakes were held by channels Seven Network and Shertip/Nine Network
The purchased includes the various Sky News Australia/Australian News Channel subsidiaries including Sky News Business, Sky News Weather, A-PAC and the New Zealand operation (New Zealand News Channel).
“This acquisition has come about because News Corp Australia recognises the increasing value of Sky News; its employees, the shows they host and the audience it attracts. Together, we will ensure the strengths and benefits of each company are leveraged fully in the long term,” News Corp executive chairman Australasia Michael Miller said.
The investment brought together “two of Australia’s strongest and most credentialed news media sources”, he added.