Jul 26, 2018

Sky beats expectations amid Comcast-Fox bidding war

Sky has beaten growth expectations for the year to June after reporting results at the top end of expectations. During the period covered by the results Comcast and Fox have been in a bidding war for the British company. Comcast is attempting to fend off rival interest from Fox, which already owns a 39 per cent stake in Sky and whose bid is being supported by Disney, and could still raise its bid. Jeremy Darroch, chief executive of Sky, said: "Over half a million new customers joined Sky this year and we now have 63m products in customer's homes as they continue to choose Sky over other providers. As a consequence, we have extended our leadership position as Europe's largest direct-to-consumer media and entertainment business." Paolo Pescatore, an independent telecoms and media analyst, said: "The business is in great shape. A stellar quarter to end its fiscal year with key premium content such as the Premier League secured. A prized asset for both Comcast and Disney. Whoever comes out on top will ensure that Sky has the resources to be an even more formidable player in the rapidly changing media landscape."

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