LONDON--()--News Corporation today announces that it has completed the sale of its 79 percent stake in News Outdoor Russia and News Outdoor Romania to a group of investors led by VTB Capital. The two other investors are NOOH Investments Coöperatief U.A., representing Peter Gerwe, and Marathon Outdoor Coöperatief U.A., which is managed by Alfa Capital Partners. Management has retained its 21 percent holding in the business.
News Outdoor Russia is the largest outdoor advertising company in the country with billboards in more than 50 cities.
This transaction completes News Corporation’s divestment of its outdoor advertising business, with the exception of News Outdoor Czech Republic.
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of March 31, 2011 of approximately US$60 billion and total annual revenues of approximately US$33 billion. News Corporation is a diversified global media company with operations in six industry segments: cable network programming; filmed entertainment; television; direct broadcast satellite television; publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America.