News Corp. doubles OmniSky stake

By Natalie Weinstein
Staff Writer, CNET News

Media giant News Corp. is increasing its stake in OmniSky, which provides wireless service to handhelds, from about 10 percent to nearly 20 percent. Under the deal, News Corp. will transfer its interest in OmniSky International, together with all cash on hand, to OmniSky in return for $18 million of OmniSky common stock. In addition, News Corp. will receive warrants entitling it to purchase an additional $3 million of OmniSky common stock at a price equal to 120 percent of OmniSky's average closing price over a specified period.

As part of the deal, News Corp. will continue to provide OmniSky with lower-than-normal rates for content from News Corp. and its affiliates.

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