News Corp now owns 100% of Australian News Channel, the operator of cable station Sky News.
The channel had been a joint venture between Seven West Media, Nine Entertainment and Britain’s Sky, which is 39.3% owned by 21st Century Fox, another Rupert Murdoch company.
The acquisition comes a few months before the expiry of Sky News’ agreement with its carrier cable TV player Foxtel, 50% owned by News.
News Australia executive chairman Michael Miller says the company is committed to promoting and developing Sky News talent and content.
Terms of the deal were not revealed. Earlier reports put the price for Sky News between $20 million and $25 million.
“Today marks an exciting new chapter in the 20-year history of Australian News Channel,” says CEO Angelos Frangopoulos.
“We are now within a global business forged by quality journalism and I can’t think of a better partner to invest and grow Sky News.”