News Corp has sold its 79 percent stake in News Outdoor Romania and News Outdoor Russia to a group of investors led by Russian bank VTB, the company has announced. The company only kept its outdoor business in the Czech Republic. The value of the deal was not disclosed.

News Outdoor Romania manages around 3,000 billboards across the country and has 90 employees. News Corp bought the company in Romania in 2000, three years after it was launched.

VTB bank said it had bought the stake in News Outdoor with NOOH Investments Cooperatief and Marathon Outdoor Cooperatief, representing the interests of Peter Gerwe and Russian fund Alfa Capital Partners respectively.

News Corp has recently been involved in a scandal which involved illegal phone wire-taps and bribes to policeman in order to obtain information that would go into articles. Rupert Murdoch's corporation closed down the tabloid News of the World following this scandal, putting an end to the 168-year old UK tabloid.

editor@romania-insider.com

(photo source: News Corp)