News Corp trims stake in Phoenix TV by one-third

The block trade attracts good interest and is upsized by more than 30% to $93 million.

News Corp trims stake in Phoenix TV by one-third


News Corp last night sold close to one-third of its holdings in Hong Kong-listed broadcaster Phoenix Satellite Television Holdings through a block trade, raising HK$718.1 million $93 million.

The seller initially aimed to offload 200 million shares, which implied a deal size between $69 million and $72 million, but a few sizeable long-only orders allowed the deal to be upsized by 32% to 264 million shares.


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