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

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

 

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.

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