News Corp. moves on Sky Deutschland plan
To acquire 49 million more shares of the satellite TV platformNEW YORK -- News Corp. confirmed Monday that it will boost its stake in German satellite TV platform Sky Deutschland to 45.42% in a €110 million ($143.9 million) deal.
In December, the conglomerate said it would spend €110 million-€120 million (then worth $157 million-$172 million) to increase its stake and give Sky Deutschland's additional capital.
On Monday, News Corp. said it will receive 49,014,714 new registered shares of Sky Deutschland at a price of €2.25 ($3.24) each. As a result, its stake will increase from 39.96%.
Sky Deutschland shares on Monday closed up 6.6% at €2.22.
CEO Mark Williams said last month that his team will use the added capital for sales and marketing, as well as programming acquisition and a national HD TV rollout.