Sky hails cheaper Premier League deal as it unveils increased revenue and profit
Broadcaster is at centre of a bidding war between Comcast and 21st Century Fox
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Your support makes all the difference.Sky grew revenues and earnings in the first three quarters of its financial year, with customer numbers rising by 480,000 to 22.9m over the last 12 months.
Revenue was up 5.8 per cent to £10.1bn, from £9.6bn in the first nine months of the previous year, while earnings before interest, taxation, depreciation and amortisation rose 11 per cent to £1.7bn from £1.5bn. Operating profit increased by 22 per cent to hit £857m.
The company hailed a strong quarter in the UK & Ireland, which included “making significant progress on our future growth plans, including the successful renewal of our Premier League rights from 2019 to 2022 at 16 per cent less cost per game”.
Sky chief executive Jeremy Darroch said: “Against the backdrop of a challenging consumer environment, this performance reflects the continual improvement in our broad set of products and services and our focus on providing great value every single day.
“Whilst we expect the consumer environment to remain challenging, the business is in good shape and we remain on track for the full year."
Sky is currently in the middle of a bidding war, as 21st Century Fox and Comcast both battle it out to take the broadcaster over.
UK authorities have raised concerns over the Murdoch family taking full control of the company via Fox - it already owns 39 per cent of Sky, and the Competition and Markets Authority (CMA) could still block the deal on the grounds of risks to media plurality. The CMA's final report is due to be sent to the secretary of state for culture, media and sport by 1 May, with a decision then expected by 13 June.
However, analysts said on Thursday that the company’s results would heighten interest from potential buyers.
Richard Hunter, head of markets at interactive investor, said: “In media terms, Sky is currently the belle of the ball, attracting overseas suitors aplenty. This update is another vindication of the interest being shown. “The success of the recent Premier League auction means that any concerns around escalating football rights costs can now be locked away until 2022.”
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