News Corp is reported to be moving ahead again with plans to float off its satellite holding division, Sky Global Networks.

According to unconfirmed wire reports, News Corp is pressing ahead with preparations for the flotation in parallel with ongoing talks to acquire US satellite giant DirecTV, from Hughes Electronics. The flotation plans had previously appeared to stall as News Corp pursued talks with Hughes and as it negotiated with partners as to which assets would be included in the new company. News Corp was also held back by weak financial results.

But News Corp always insisted that the flotation had not been postponed. And in November it said the sale would take place last December or this month. It would be likely to include News Corp's stakes in BSkyB, Asia's Star TV as well as interests in Italy's Stream and programme listings company TV Guide.

According to analysts' estimates the company could be worth $35bn-$45bn, making it the biggest ever media flotation. Saudi Prince Al Waleed Bin Talal and Microsoft have both been touted as likely investors in the new company. But France's Vivendi will have to sell its 17% BSkyB stake as an EC-imposed condition of its Seagram take-over.