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Todd Communications has sold its 11.11 per cent stake in Sky Network TV at $5.05 per share, equating to about $218 million, the company said in a notice to the NZX.
Todd, which was Sky TV's second biggest shareholder after Rupert Murdoch's News Corp, which owns 43.6 per cent, sold its stake to Credit Suisse, the company said in a substantial security holder notice.
It is expected that settlement of the sale will occur on 8 November 2012, Todd said.
Sky TV shares last traded on Thursday at $5.36.