News Corp shares climb in advance of Sky Global listing
Shares in News Corp began to climb this morning as speculation mounted that the share placing of the group’s new satellite and broadcasting entity, Sky Global, could be as early as October.
LONDON (Brand Republic) – Shares in News Corp began to climb this morning as speculation mounted that the share placing of the group’s new satellite and broadcasting entity, Sky Global, could be as early as October.
The media giant’s investor relations team is said to have been in discussions with fund managers in Sydney this week. One analyst said that the pre-IPO roadshow was anticipated for October, while the pricing is likely to happen in late October or early November.
Shares in the media giant shot up 4.5% or A$1.09 to A$25.19 after reaching a high of A$25.60.
The company is said to still be seeking strategic partners in Sky Global, which is a combination of News Corp’s international assets, including its stake in UK satellite broadcaster BSkyB and Hong Kong’s Star TV.
Sky Global will have its own management team, chief financial officer and general counsel. The new company’s market capitalisation is being pitched by analysts at between $25bn-$30bn.
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