Snap prepares US$25bn IPO plan
Snap, the parent company of Snapchat, is working on an initial public offering that could value the company at US$25 billion or more, according to multiple reports. The company, which recently launched its first hardware product, is preparing the paperwork for an IPO with a view toward selling the shares as early as March. If it moves forward with its plans it could be the biggest company to go public on a US exchange since 2014.
News Corp sells stake in NZME
News Corporation has sold its 14.9% stake in New Zealand Media and Entertainment (NZME), according to the Australian Financial Review. The shares were offloaded at 64cents a share, an 8.9% discount to the last close, to a handful of Australian and Kiwi institutions. Citigroup and Forsyth Barr handed the $20 million block trade. An announcement is expected today.
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