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Rupert Murdoch’s News Corp is taking a controlling stake in Sky Deutchsland, increasing its share from 49.9% to 54.5% as part of a deal worth €347.4m (US$465m).
The German pay-TV company is selling 77.9 million new shares to News Adelaide, a subsidiary of News Corp. It has also agreed a five-year credit facility with European banks worth more than €300m which is guaranteed by News Corp.
The news comes a week after Sky Deutchsland expanded its sport and entertainment offering via IPTV as part of a deal with Deutsche Telekom.
News Corp president and chief operating officer Chase Carey said: “News Corporation’s continued investment underscores the value we see in Sky Deutschland and the significant market opportunities it faces, and reflects our confidence in its management team and their strategies for growth.”
The German pay-TV company is selling 77.9 million new shares to News Adelaide, a subsidiary of News Corp. It has also agreed a five-year credit facility with European banks worth more than €300m which is guaranteed by News Corp.
The news comes a week after Sky Deutchsland expanded its sport and entertainment offering via IPTV as part of a deal with Deutsche Telekom.
News Corp president and chief operating officer Chase Carey said: “News Corporation’s continued investment underscores the value we see in Sky Deutschland and the significant market opportunities it faces, and reflects our confidence in its management team and their strategies for growth.”
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