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
 Dec 22 2014 - Oil markets face uncertain future as OPEC targets competitorsAFP
(MENAFN - AFP) The determination of powerful Gulf OPEC members to stifle competition from new oil producers has left the global energy market reeling and sparked unprecedented uncertainty, officials ...

 Dec 22 2014 - MoI discusses setting up national strategic plan to fight drugsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The Ministry of Interior, MoI, has discussed ways to establish the first national strategic plan to combat drugs. The discussion took place during a specialised ...

 Dec 22 2014 - GCC Secretary-General hails initiative of Saudi King on Qatar, Egypt reconciliationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Dr. Abdullatif bin Rashid Al Zayani, GCC Secretary-General, expressed satisfaction with the initiative of the Custodian of the Two Holy Mosques, King Abdullah ...

 Dec 22 2014 - Etihad Airways goes double daily to MelbourneEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Etihad Airways today announced plans for a second daily non-stop service between Abu Dhabi and Melbourne from 1st August 2015.The additional flight will be ...

 Dec 22 2014 - Dubai Municipality launches recycling initiative at Safa ParkEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Dubai Municipality has launched an initiative to encourage Safa Park visitors to exchange their recyclables, such as plastic and cans, in exchange for Union ...

 Dec 22 2014 - Ducab Aluminium begins construction of new facility in KizadEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Abu Dhabi Ports Company, ADPC, has announced that Ducab Aluminium Company has broken ground for its new aluminium rod and conductor facility at Kizad.After ...

 Dec 22 2014 - Kuwaiti Emiri Diwan mourns death of Sheikha Sabah Al-Nasser Al-SabahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The Kuwaiti Emiri Diwan today mourned the death of Sheikha Sabah Al-Nasser Al-Sabah, spouse of His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.According ...

 Dec 22 2014 - OPEC daily basket price Friday 19th DecemberEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The price of OPEC's basket of twelve crudes stood at US$55.52 a barrel on Friday, compared with $56.30 the previous day, according to OPEC Secretariat ...

 Dec 22 2014 - World Islamic Travel Summit to debut in Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The World Islamic Travel Summit, WITS15, the largest showcase of Halal travel and tourism solutions, is to debut in Abu Dhabi next October.The pioneering ...

 Dec 22 2014 - DEWA sponsors first Emirati student to Lima Climate Change Conference in PeruEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Bader Al Hammadi, an Emirati student and Carbon Ambassadors Programme member, has participated in the United Nations COP20 Climate Change conference in Lima, ...

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