Sony to Buy Stake in Satellite TV Venture

Sony Corp. has agreed in principle to acquire a 25% to 30% equity stake in a new satellite television joint venture now owned equally by Rupert Murdoch’s News Corp. and the Japanese firm Softbank Corp., the Kyodo News Agency reported today, quoting “informed sources.” An agreement will be signed in New York as early as next week, Kyodo said. The new firm, Japan Sky Broadcasting, plans to launch trial digital broadcasting services on 12 channels in April, expanding to 150 channels in April 1998. Under the expected agreement, Sony would provide movies and other video material for JSkyB as well as equipment. A Sony spokesman said he could confirm that talks are being held about “a possible investment” in JSkyB, but said that “our decision has not yet been finalized.”