News Corporation has pulled out of the ring-fenced Japanese TV market as predicted [WAMN: 28-Aug-03].
The US-headquartered media giant run by the clan Murdoch has sold its 8% stake in Nipponese satellite TV operation SkyPerfecTV, receiving ¥26,507.73 million ($227.72m: €207.41m; £145m) for its holding.
The shares were bought by NewsCorp’s partners in the venture, Sony, Fuji TV and Itochu, already the largest shareholders in SkyPerfecTV. Each now owns 12.6% in the satellite broadcaster.
Word around the Marunouchi is that NewsCorp wanted out after Murdoch lost patience with the Japanese media ownership rules. These cap foreign investment in a Japanese broadcaster at 20%.
Data sourced from: MediaGuardian.co.uk and Financial Times; additional content by WARC staff