Jul 26, 2018

Sky profits up as the battle over ownership continues

Sky, the pan-European satellite broadcaster at the centre of a takeover battle, has seen profits rise as it attracted new subscribers. Sky has reported pre-tax profits up 7.5% over the past twelve months to the end of June and added more than 500,000 customers across Europe. Currently Comcast is leading the race to buy Sky, with a bid that values the group at £26bn. Sky is 39% owned by Twentieth Century Fox, the media group controlled by Australian media mogul Rupert Murdoch. Fox has agreed to sell its entertainment assets to Disney, including its stake in Sky, and has entered into a bidding war with Comcast to purchase the 61% of Sky it doesn't yet own. Sky has nearly 23 million pay-TV subscribers in the UK and Ireland, Italy, Austria and Germany and would give Comcast a major foothold in the European market.

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