News Corporation has confirmed speculation which appeared over the weekend that it will sell its 44% stake in New Zealand’s Sky Network Television, worth an estimated $600m.

A release this morning says the company expects the cash to go to “a broad range of institutional investors”, with the process handled by Deutsche Bank and Craigs Investment Partners.

It will also see Michael Miller, News Limited’s regional; director, relinquish his role on the board.

Chase Carey, president and chief operating officer, News Corporation, said:  “Sky is a world class subscription television business and has been an outstanding investment for News Corporation. 

“We and Sky have always enjoyed an excellent, arms-length working relationship and we expect this to continue unaffected by the sale.