WELLINGTON (AFP) ― Rupert Murdoch’s News Corp. announced on Monday it will sell its 44 percent stake in New Zealand’s Sky Network Television for a reported NZ$815 million ($671 million).

In a statement, News Corp.’s Australian arm News Limited, which owns the stake in New Zealand’s largest subscription television provider, said shares would be offered to a range of institutional and retail investors.

“Following the sales, News Limited will no longer have any holding in Sky Network Television Limited,” it said.

The statement did not provide any figures on the sale but The Australian newspaper, part of the News Limited stable, said shares were being offered at NZ$4.80 each, giving the stake a value of NZ$815 million.

Trading in Sky shares was halted Monday after closing at NZ$5.17 on Friday.