Sharechat Logo

INL and Sky ahead in first quarter

By Phil Boeyen, ShareChat Business News Editor

Friday 12th October 2001

Text too small?
Media company Independent Newspapers (NZSE: INL) and pay-TV operator Sky (NZSE: SKY) are reporting a positive start to the new financial year.

INL chief and Sky chairman, Tom Mockridge, commented on the performances since balance date on Friday while at the same time confirming that INL will be offsetting tax payments from Sky's losses.

"First quarter advertising revenues in INL's publishing operations are ahead of the same period for the prior year, and Sky's first quarter revenues are ahead of expectation," he says.

The company said Friday it will go ahead with plans to offset INL profits with Sky losses following consideration of the issues by Sky's independent directors, who represent the interests of minority shareholders.

INL had indicated to its shareholders earlier this year that a tax loss offset agreement with Sky would be sought.

INL is the majority owner of Sky and recorded a profit of $26.1 million for the year ended June against Sky's loss of $42.3 million.

Sky this week revealed it will be televising All Blacks' games from upcoming visits to Ireland, Scotland and Argentina in conjunction with rival TelstraSaturn.

TelstraSaturn paid $3 million for the rights to the games and then tried to sell them but the compromise was reached after Sky reportedly paid the bargain price of $500,000 to share the coverage.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Sky profit rises 16%
Daily ShareChat: Sky TV
Sky Network 1H profit climbs 19% as MYSKY start-up costs abate, sales grow
SkyCity profit surges 30% as debt buyback slashes interest costs; stocks gains
Sky City expects to make $70 million from sale of cinema businesses
Sky earnings forecast cut by AspectHuntley
Magazines boast readership strength
Sky consolidation boosts INL
Sky cuts losses, lifts sales
Sky goes from strength to strength