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.
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Phoenix TV's Shenzhen headquarters
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<div style="text-align: left;"> Phoenix TV's Shenzhen headquarters </div>

 

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.

The block didn’t come with an upsize option at launch, but the initial deal was fully covered in 30 minutes and when the order books closed in Asia after about two hours it was said...

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