Rising football costs hit Sky TV profits
EUROPEAN pay TV giant Sky, set for a takeover by 21st Century Fox, announced yesterday a drop in profits, hit by the rising costs of showing live English Premier League football.
A fall in operating profits for the first nine months of Sky’s financial year overshadowed a rise in revenues, the company said as it announced also a tieup with HBO regarding new television drama series.
Operating profit dropped 11% to around £1bn (R17bn) as Sky was hit by additional costs of £494m linked to screening live Premier League matches featuring sides including Manchester United, Liverpool, Arsenal and Leicester. Sky said it had added 106 000 new customers in its third quarter, or three months to the end of March. – AFP