News, Ltd, buys into Sydney T.V. station
NZPA Sydney News, Ltd, the media 1 group controlled by Mr < Rupert Murdoch, has gained < 46.64 per cent of Sydney’s ■ Channel 10 operator, United i Telecasters, Ltd. I News, Ltd’s arrival on the I lucrative Sydney television : scene was secured through 1 the purchase of more than 1.12 M U.T.L. shares on j national share markets and I the acquisition of Broadcasting Investments’ entire stake;, in U.T.L. Broadcasting Investments, |' the operator of Sydney’s 2UE i' radio station, agreed to sell I ’ all shares it owned in U.T.L. I to News. ' 1
Broadcasting Investment’s known holding in U.T.L. amounted to about 11.4 per cent, but circumstances suggest that the 2UE group had a larger slice through rival bidding on 305 c — 5c more than News, Ltd, had instructed its brokers to pay for 2M shares in U.T.L. News, Ltd, said it does not intend to make a take-over bid for U.T.L. The price per share that News, Ltd, agreed to pay for the Broadcasting Invest- [ ments’ holding in U.T.L. was [not disclosed. Rumours pointed to Amalgamated Wireless (Australa-
sia.) Ltd, as being the rival bidder, but it is now suggested that News, Ltd, and A.W.A. have agreed to swap their TV interests. The suggested deal is, that in return for A.W.A.’s 26 per cent holding in U.T.L., News, Ltd, will sell its controlling interest in Television Wollongong, operator of the Win 4 television station. A spokesman from News, Ltd, said that the group had already made arrangements with a party to sell its controlling interest in Television Wollongong. “We are not prepared to disclose the identity of the buyer yet,” he said.
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Press, 26 May 1979, Page 19
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278News, Ltd, buys into Sydney T.V. station Press, 26 May 1979, Page 19
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