Reports News Corp Australia to launch $25m bid for Sky Channels

February 26, 2015 8:47

Australia’s biggest newspaper publisher News Corp Australia has launched a $25m bid to buy the Australian News Channel (ANC), the operator of 24-hour television news services Sky News, Sky News Business and Sky News Weather.

News Corp has this morning declined to comment on the bid, but The Australian reports today that a letter of offer valuing the business at approximately $25m was sent yesterday to its three joint shareholders.

The Australian News Channel is owned by Australia’s Seven and Nine networks and Britain’s Sky. News Corp has long had an indirect interest in the company with News Corp’s sister company, 21st Century Fox, owning 39.3 per cent of Sky, while News Corp and Telstra each own half of pay-TV provider Foxtel which broadcast’s the ANC’s various channels.

It is understood the $25m price tag is a starting bid and that negotiations would likely see the price rise, ahead of the expiry of the current deal between the three parties in February 2017.

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Nic Christensen

Nic Christensen worked for Mumbrella from 2013 to 2016, in roles including deputy editor and media & technology editor. He is former media writer for The Australian and has also worked as a reporter for The Daily Telegraph and senior producer for Radio 2GB.

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2 COMMENTS

Jake 26 Feb 15

There’s no such show titled Sunday Agenda!

User ID not verified.

Nic Christensen 26 Feb 15

Thanks Jake,

Corrected to be Chris Kenny’s Viewpoint program.

Cheers

Nic – Mumbrella

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Reports News Corp Australia to launch $25m bid for Sky Channels

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