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Seven Network Ltd. Sells Stake In Telstra Dome

MELBOURNE, Australia (CelebrityAccess MediaWire) — Seven Network Ltd. has sold its interest in Melbourne’s Telstra Dome for $330 million, as it looks to focus on its media business.

Seven told the Sydney Morning Herald that it had sold its interests to James Fielding Funds Management Ltd., on behalf of a consortium of major superannuation funds and institutional investors.

Seven has been the manager and operator of the Telstra Dome since 2001.

“Seven is focusing on building its core media businesses and we believe today’s agreement with James Fielding Infrastructure is a positive development for Seven and Telstra Dome,” Seven project director Steve Wise said in a statement.

“Nine years ago, we committed our company to creating and developing a new sports and entertainment venue for Melbourne and ensuring the long-term strength of the AFL,” Wise continued.

“We delivered. And with our network digital broadcast centre adjacent to Telstra Dome, and as a broadcast partner of the AFL, we look forward to continuing to be a part of Telstra Dome’s ongoing development as a cornerstone of Melbourne.” –by CelebrityAccess Staff Writers