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News Corp sells out of Fairfax

News Corp has sold the 7.5 per cent stake in Fairfax Media it acquired in October last year. The company sold its 75 million shares in Fairfax at $5.07 per share, a fact confirmed by both parties this morning.

Nick TabakoffNick Tabakoff
less than 2 min read
12:00AMMay 07, 2007.
Updated 10:22AMMarch 17, 2009
TheAustralian
Print

News Corp has sold the 7.5 per cent stake in Fairfax Media it acquired in October last year. The company sold its 75 million shares in Fairfax at $5.07 per share, a fact confirmed by both parties this morning.

Fairfax chairman Ron Walker said in a statement this morning: “The company has been informed by News Limited that it has sold its 75 million shares in Fairfax Media at $5.07 per share.”

Mr Walker went on to add that both Fairfax and News Limited, owner of the Australian, would “continue to work together, where appropriate, to strengthen the overall newspaper publishing industry in Australia.”

News Limited had no comment, other than to confirm the sale of the stake.


Nick Tabakoff
Nick TabakoffAssociate Editor

Nick Tabakoff is an Associate Editor of The Australian. Tabakoff, a two-time Walkley Award winner, has served in a host of high-level journalism roles across three decades, ­including Editor-at-Large and Associate Editor of The Daily Telegraph and Sunday Telegraph, a previous stint at The Australian as Media Editor, as well as high-profile roles at the South China Morning Post, the Australian Financial Review, BRW and the Bulletin magazine.He has also worked in senior producing roles at the Nine Network and in radio.

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Original URL: https://www.theaustralian.com.au/business/news-corp-sells-out-of-fairfax/news-story/c8c1776430e46b0938587b64a8bfd907