Print Edition - 2017-04-21 | MONEY
Sky TV profits drop 11 percent
Apr 21, 2017-European pay-TV giant Sky, set for a takeover by 21st Century Fox, announced on Thursday a drop in profits, hit by the rising cost of showing live English Premier League football.
A fall in operating profits for the first nine months of Sky’s financial year overshadowed a rise in revenues, the company said in an earnings statement, as it announced also a tie-up with Game of Thrones maker HBO regarding new television drama series. “In a year in which we are absorbing significantly higher programming costs, we continue to make further progress on our efficiency plans, with operating costs down a further one percent,” Sky said. Group revenues increased five percent to £9.64 billion ($12.37 billion) in the nine months to March 31.Media tycoon Rupert Murdoch’s Fox announced in December a deal to buy the 61-percent stake in Sky it did not already own for 11.7 billion pounds.
Published: 21-04-2017 08:53