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Sky Expands Partnership With HBO to Counter Netflix on Drama

20 April, 2017, 11:40 | Author: Alberta Rodriguez
  • Sky said its operating profit for the nine months exceeded £1 billion

The entertainment and communications group which owns Sky News reported growth in customer numbers across its European markets on Thursday, but warned that the broader consumer environment remained "uncertain".

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.

SKY has said rising costs from screening Premier League football and a "weaker United Kingdom advertising market" has dragged on profits.

Helped by the weak pound, revenue rose 11% year-on-year to £9.64bn, while growth on a constant currency basis stood at 5%. Over the past twelve months, Sky plc added 769,000 new customers, including growth of 106,000 in the third quarter, and taking total customer base to 22.4 million households.

However, when stripping out the impact of the TV rights, costs rose by just 2%, despite the roll out of its new Sky Q product in the United Kingdom and launch of Sky Mobile, and Sky+ Pro in Germany.

Sky is the subject of a £11.7 billion takeover bid from Rupert Murdoch's 21st Century Fox.

The tie-up stirred fears that the Murdoch family would gain too much control over Britain's media and the United Kingdom government has announced its own probe into the deal. The companies will aim to get the first production onscreen in 2018. In late 2014, Sky changed its name from BSkyB after buying Sky Italia and a majority holding in Sky Deutschland.

"HBO and Sky have for many years shared a common creative culture and a common vision for the development of high quality drama", said Sky chief executive Jeremy Darroch. Revenues from the UK & Ireland lifted 4 percent.

"Looking forward, we enter the final quarter of our fiscal year in good shape".

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