News Corporation is selling its 44 per cent stake in New Zealand pay television business SKY Network Television.

News’ Australian arm, News Ltd, holds the stake in SKY, which at current market price is valued at about $703 million.

News on Monday did not say at what price it would offer its shares.

The company has appointed Deutsche Bank to manage the sale.

News president Chase Carey said News and SKY would continue to work together despite the change in ownership interests.

“In particular, we do not anticipate any change to current arrangements regarding access to content and collaboration on technology,” he said in a statement.

The sell-off comes as News works to split its operations into a media and entertainment business and a separate publishing arm by June.