FIRST CUT: Sky TV FY earnings down 15%, citing merger costs and content 'arms race'

Thu, 25 Aug 2016

By Pattrick Smellie Aug. 26 (BusinessDesk) - Sky Network Television, the pay-TV broadcaster seeking a merger with Vodafone's New Zealand operations, reported a 15 percent fall in tax-paid profit for the year to June 30 of $146.7 million, although the drop is partly thanks to merger costs. Some $14.4 million of one-off costs incurred in relation to the planned merger, which is structured as a takeover of Vodafone NZ by Sky, came straight off the bottom. Underlying profit of $157 million compares with a $171.8 million net profit in the prev...

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