Todd sells out of Sky TV
Sky Television chief executive John Fellet is pleased Todd Communications has made a good return on its 20-plus year investment in the pay-TV provider.
Todd Communications said this morning that it will sell its substantial 11.1 per cent stake in Sky Television to Credit Suisse in a $218.2 million deal. Todd is Sky's second largest shareholder behind News Corporation and the deal to sell its 43 million shares for $5.05 is due to settle on November 8.
Fellet said Todd had been an investor in Sky for longer than his 21 years at the company.
"They typically do start-ups and stay with them for several years," he said. "This is the longest to my knowledge of any of their investments, so we're quite pleased they got a good return on their investment. They've been a fantastic shareholder; very loyal with a long term view, I wish everyone had a 20 year outlook on things."
Fellet said the sale was an "everyday share trade" with Todd securing a "pretty good price" considering the bulk it was selling.
Sky Television's shares closed at $5.36 yesterday but were recently down 4.4 per cent to $5.12 on the news.
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