News Corp has acquired 100% ownership of Australian News Channel (ANC), which operates Sky News and related channels.
ANC was previously a joint venture between Sevent West Media (which owned a 33% stake), Nine Entertainment Co (33%) and Sky PLC (owned by News Corp).
“This is a significant investment that reinforces News Corp Australia’s continued commitment to quality journalism, talent and content,” News Corp executive chairman of Australasia Michael Miller said.
“I’m excited by the prospects offered by this acquisition and to lead a company that is investing in the best news coverage for all Australians.”
Australian News Channel chief executive officer Angelos Frangopoulos said the investment from News Corp Australia will pesent opportunities to "grow and develop talent, content and commercial revenues".
“Today marks an exciting new chapter in the 20-year history of Australian News Channel,” Frangopoulos said.
“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. The industry is rapidly changing and today’s announcement goes beyond securing the future of this company - it means it will be playing a significant role.”
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