Sky Network Television Ltd. has confirmed that major shareholder News Corp. plans to sell its 44% stake in New Zealand's leading television operator.

Sky TV said in comments to media reports that the sale of the shares to retail and institutional investors will be handled by brokers Craig Investment Partners ad Deutsche Bank.

The television, with a near monopoly in pay television services in the country, posted shares closing at A$4.14 a share, expecting the stake to draw about A$700 million.

Offering about 100 television and radio channels, Sky TV has also joint venture service with state-controlled Television New Zealand, Igloo.

The disposal of Sky's shares is expected to be completed within two days.