News Corp’s executive chairman Australasia Michael Miller today announced News Corp Australia has acquired 100 per cent of Australian News Channel Pty Ltd and its SKY NEWS and Australia Channel services.
Australian News Channel – which operates the SKY NEWS variations of Live, Business, Weather, Multiview, APAC Australia Public Affairs Channel and SKY NEWS NZ and Australia – was formerly a joint venture between Seven West Media, Nine Entertainment and Sky PLC.
Each of the parties held a 33 per cent stake, however the deal brokered today sees News Corp Australia take a 100 per cent shareholding in Australian News Channel.
Miller said the investment brought together two of Australia’s strongest and most credentialed news media sources.
“This is a significant investment that reinforces News Corp Australia’s continued commitment to quality journalism, talent and content,” he 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.”
Miller said the Australian News Channel will provide the opportunity to enhance the heritage and credentials of the company’s print and digital brands – and talent – through the SKY NEWS broadcast platforms and equally, News is committed to promoting and developing SKY NEWS talent and content.
“This acquisition has come about because News Corp Australia recognises the increasing value of SKY NEWS; its employees, the shows they host and the audience it attracts. Together, we will ensure the strengths and benefits of each company are leveraged fully in the long term.”
Australian News Channel’s chief executive officer Angelos Frangopoulos said the investment from News Corp Australia signalled tremendous 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,” Mr 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.”