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NBC Sells Stake in Australian TV Station:...

From Times Staff and Wire Reports

NBC Sells Stake in Australian TV Station: The network said it exercised an option to sell a 14.7% stake in TV 3 Network Ltd., a commercial network that began broadcasting in October, 1989, against two state-owned networks. The sale was triggered after Westpac Banking Corp., the station’s principal backer, withdrew financial support and the Auckland, New Zealand-based station asked for a receiver to be appointed. The stake has been sold to other investors in TV 3 under terms of the underwriting agreement. Terms weren’t disclosed.


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