News Corp Australia has taken control of Sky News parent company Australian News Channel.
Australian News Channel was a joint venture owned equally by Seven West Media, Nine Entertainment and UK pay TV group Sky Plc but will now be 100 per cent owned by News Corp under a deal announced on Thursday.
News Corp executive chairman Australasia Michael Miller said the acquisition would offer opportunities to enhance News's print and digital brands through Sky's broadcast platforms, while News would also develop Sky's content and talent.
"This acquisition has come about because News Corp Australia recognises the increasing value of Sky News; its employees, the shows they host and the audience it attracts," Mr Miller said.
Australian News Channel chief executive Angelos Frangopoulos said the deal would provide opportunities to develop talent, content and commercial revenues.
"Today marks an exciting new chapter in the 20-year history of Australian News Channel," he said.
"The industry is rapidly changing and today's announcement goes beyond securing the future of this company - it means it will be playing a significant role."
Shares in News Corp were up 20 cents, or 1.3 per cent, at $16.10 at 1346 AEDT.
The value of the deal has not been disclosed.
