News Corp. Sells European Outdoor Ad Units

Law360, New York (July 22, 2011, 11:54 AM EDT) -- News Corp., the embattled media conglomerate beset by allegations of criminal phone hacking, said Friday it had sold a 79 percent stake in two European outdoor ad businesses to Russian private equity group VTB Capital after shopping them around for some time.

Moscow-headquartered VTB Capital, along with NOOH Investments Cooperatief UA and Alfa Capital Partners unit Marathon Outdoor Cooperatief UA, take control over News Outdoor Russia and News Outdoor Romania, leaving News Outdoor Czech Republic as News Corp.'s lone remaining outdoor ads business, the New York-based seller...
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