News Corp. Is Expected to Sell Sky Perfect Stake

News Corp. reportedly will sell its entire 8.1% stake in Tokyo-based Sky Perfect Communications Inc. to Sony Corp., Fuji Television Network Inc. and Itochu Corp.

The terms of the sales are being worked out, the Nihon Keizai newspaper reported, without saying where it obtained the information. Sky Perfect, Japan’s biggest satellite service, broadcasts Fox News and Bloomberg News among other channels.

The newspaper didn’t explain why News Corp., which is controlled by Rupert Murdoch, is seeking to sell the shares, except to say that there are legal restrictions on foreign media ownership in Japan.

News Corp. spokesman Andrew Butcher in New York declined to comment on the report. Officials at Sony, Fuji Television and Itochu weren’t available for comment.