News Corporation has sold its 17.3% stake in multi system operator (MSO) Hathway Cable & Datacom, to focus instead on its direct to home (DTH) satellite venture and Star television channels in India.
The stake, which was held by the Rupert Murdoch run media empire through Asian Cable Systems, has been acquired by Providence Equity Advisors Mauritius and the Macquarie Bank for a reported INR 3.58 billion.
"We have exited from Hathway," Uday Shankar, chief executive, Star India, told Indiantelevision.com.
"We were a minority partner. We didn't feel the need for investing into so many businesses and do not have the management bandwidth. We will continue to have presence in DTH (through Tata Sky) on the distribution side of the business," he added.
Asian Cable Systems sold its 24,715,500 shareholding in Hathway for INR 145 per share through open market transactions, according to the National Stock Exchange register.