News Limited has divested its stake in price comparison site Getprice with the digital brand's management team to take the helm.
Getprice chief executive Chris Hitchen, who also served as News Limited executive director – local and commerce, along with the senior management team will stay on with Getprice. The financial details of the sale have not been disclosed.
News Limited initially acquired a minority share in Getprice in late 2007 and increased its investment to 52.5% in mid-2009 before taking full control two years ago. Getprice was founded in 2005.
Hitchen said: “We are delighted that News has accepted our offer. Being independent and having control of our own destiny us an exciting prospect – we have big plans for the next chapters of Getprice's history.
“We will always be extremely grateful to News for its investment, support and guidance over the years. It's been a lot of fun, but it's time for us to spread our wings as an independent business again.”
News Limited chief financial officer Stephen Rue said: “Chris, Jared and the team have done a terrific job building Getprice and while we will be sorry to see them go, we recognise this is the best next step for them in the growth of their business.”
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