Media

Pay-TV group Sky reports 9% rise in core earnings

Sky, which is 39% owned by Fox, reported full-year core earnings of £2.35bn

Chief executive Jeremy Darroch said it had been an “exceptional year” for the UK-based broadcaster

Thu Jul 26 2018 - 08:18

Sky, the pay-TV group at the centre of a bidding war between Rupert Murdoch’s Fox and Comcast, reported a 9 per cent rise in full-year core earnings on Thursday after it added more than 500,000 customers across its European operations. Comcast is leading the race to buy Sky after it offered £14.75 a share offer earlier this month, valuing the group at $34 billion. The bid came just hours after Fox had upped its own bid to £14 a share.

Sky, which is 39 per cent owned by Fox, reported core earnings of £2.35 billion on revenue up 5 per cent to £13.59 billion, both beating forecasts by UBS.

Chief executive Jeremy Darroch said it had been an “exceptional year” for the UK-based broadcaster and it was entering its new year with good momentum.

“Over half a million new customers joined Sky this year and we now have 63 million products in customer’s homes as they continue to choose Sky over other providers,” he said.

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Mr Darroch, in the top job since 2007, told BBC Radio it was too early to say whether he would stay with the pan-European group after it is sold. Sky is present in Britain, Ireland, Austria, Italy and Germany.

– Reuters

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