Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

BSkyB to create multinational European TV network  Join our daily free Newsletter

MENAFN - Arab News - 25/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) NDON: London-based pay TV network BSkyB has agreed to take control of its sister companies in Italy and Germany creating a multinational European broadcaster. The deal could have a wider impact on the media industry giving Rupert Murdoch's 21st Century Fox a cash boost to potentially revive its attempt to buy Time Warner.BSkyB said it will buy Sky Italia and 57 percent of Sky Deutschland for 5.35 billion pounds (9.1 billion) from media giant 21st Century Fox. Besides being chairman and CEO of 21st Century Fox Murdoch is also BSkyB's largest shareholder with a stake of just over 39 percent.BSkyB said the deal would create a pay TV provider with 20 million customers across three of Europe's four biggest markets.Media analyst Claire Enders said the deal shows BSkyB is moving to build business outside its base in Britain and moving beyond direct local competition with BT.'It's now focused on transporting its technology and its production skills into other markets where there is demand for cutting edge TV" she said. 'They believe this phenomenon will come to other countries in Europe particularly Italy." She said she did not anticipate regulatory obstacles.James Murdoch Rupert's son and co-chief operating officer of 21st Century Fox said the combination of European Sky companies would create 'enormous benefits for the combined business and for our shareholders."Shareholders in BSkyB did not seem excited by the details of the deal however pushing the company's share price down 5 percent in London.BSkyB said it was paying 2.45 billion pounds for Sky Italia and 2.9 billion pounds for its stake in Sky Deutschland. 21st Century Fox would receive cash payments of 4.9 billion pounds and BSkyB would also transfer its 21 percent stake in the National Geographic Channel. The company said it would make a voluntary cash offer to Sky Deutschland's minority shareholders at 6.75 euros (9) per share.Analysts note 21st Century Fox which has a strong presence in cable broadcast film pay TV and other fields could use the cash from the European TV deal to help fund its pursuit of Time Warner after the recent failure of an 80 billion offer.That bid was partly meant to counter consolidation among US TV distributors like Comcast-Time Warner Cable and AT&T-DirecTV.Time Warner owns TV channels CNN TNT and TBS along with the Warner Bros. movie studio which includes Batman Superman and Harry Potter. Fox owns the 20th Century Fox movie studio the Fox broadcast network and such TV channels as Fox News and FX.

 


Arab News




  MENA News Headlines
 Feb 13 2016 - Saudi Arabia to work on reducing emissionsMENAFN
(MENAFN) Saudi Arabia realizes the importance of renewable energy in the economic and social growth, and all people have the right to have reliable energy sources.Additionally, the fossil fuel will ...

 Feb 13 2016 - Germany to offer USD 566mn in credits to IraqMENAFN
(MENAFN) Germany will offer USD 566mn worth of credit to Iraq in order to help it with the sharp downturn in global oil prices and its will do it best.Furthermore, Germany will stabilize Iraq with ...

 Feb 13 2016 - Qatar's consumption will grow to 39.6 percentMENAFN
(MENAFN) Qatar's investments of its GDP increased to 39.6 percent in Q2 last year from 32.4 percent in 2014 on stable government capital spending.Moreover, the nation's consumption grew to 20.8 ...

 Feb 13 2016 - Suspected jihadist will not recover Swiss passportThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The Swiss Federal Criminal Court has upheld the decision of the Swiss Attorney General’s Office to confiscate the Swiss passport and identifying ...

 Feb 13 2016 - Turkey praises planned Syria cessation of hostilitiesThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey has praised an agreement between major powers to cease hostilities in Syria to provide humanitarian aid as “an important step” toward ...

 Feb 13 2016 - Split over PYD continues between US TurkeyThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The split betweenAnkaraand Washington over the designation of the Syrian Kurdish Democratic Union Party (PYD) continues to rumble on though U.S. Secretary of ...

 Feb 13 2016 - Turkey to provide 1.5 million in health aid to GazaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey has said it has transferred $1.5 million to the WHO’s Palestine Representation in order to assist health institutions in Gaza. The announcement ...

 Feb 12 2016 - Turkey Iran to boost dialogue says diplomatThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey and Iran have agreed to continue “enhancing dialogue” a Foreign Ministry official told Anadolu Agency on Friday. Umit Yalcin's remarks ...

 Feb 12 2016 - Turkish FM: Russian airstrikes rule out Syria cease fireThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Foreign Minister Mevlut Cavusoglu on Friday said peace could not be maintained in Syria unless Russia halts its airstrikes. Speaking to the media ahead of ...

 Feb 12 2016 - CIA: Islamic State has chemical weaponsThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The director of the Central Intelligence Agency said Islamic State fighters in Syria have used chemical weapons. John Brennan said there are a number of ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help