News Corp. Sells Stake in Rival Fairfax

NEWS CORP SELLS STAKE IN RIVAL FAIRFAX
[SOURCE: Associated Press]
Rupert Murdoch's News Corp. has sold its entire 7.5 percent stake in rival Australian company Fairfax Media for about 380 million Australian dollars ($312 million), both companies said Monday. News Corp. purchased the stake in Fairfax -- which publishes The Sydney Morning Herald, The Age and The Australian Financial Review -- in October last year, describing it as a strategic and friendly investment. Analysts speculated Australian-born Murdoch wanted a seat at the table in any split-up of Fairfax following changes to Australia's media ownership laws last month. Analysts said he may have had his eye on the Australian Financial Review to add to his existing newspaper titles in Australia, which include Melbourne's Herald Sun and the national Australian newspaper.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=AP&D...