ITV stake drags on BSkyB profits

6 Feb 2008

BSkyB made a loss in the first half of its financial year to 31 December 2007, after losing money on its investment in British terrestrial broadcaster ITV. It lost GBP112 million (USD220 million) over the six-month period, including a GBP343 million charge related to its ITV stake. Last week BSkyB was told that it would have to reduce that holding by more than half to 7.5%. Meanwhile, BSkyB said it signed up 167,000 subscribers in the final three months of 2007, and 260,000 broadband customers to take its total high speed internet base to over 1.2 million. The broadcaster also reduced the churn rate to 10% over the six-month period. Operating profits fell 25% to GBP295 million in the first half as the company spent more on marketing and programming.

United Kingdom, Sky