A government filing has revealed that earlier this month media mogul Rupert Murdoch sold $343 million of his shares in Littleton, Colorado-based satellite network EchoStar Communications.

The seven million shares were sold in open market transactions at $49 each on 6th September. Murdoch retains 26 million shares, 11% of the total.

The chairman of News Corporation acquired the passive stake in EchoStar after he abandoned plans for his own North American satellite operation.

News source: New York Times