Wounded Sky under pressure to return cash after MediaWorks U-turn

Sky has premium TV content stitched up and would've added radio and outdoor ads to go with it. (Image: Getty)

Thu, 16 Jun 2022

It’s safe to say Sky TV’s shareholders are relieved today. Stock in the satellite broadcaster is up 5.7% at the time of writing to $2.38 following news that the company has withdrawn its takeover offer for radio and outdoor advertising business, MediaWorks.The deal always looked under threat. Sky shares plummeted by 7% last week as it announced surprise plans to snap up the home of Today FM, The Edge and countless billboard spaces across New Zealand.While Sky bosses had earmarked MediaWorks as the right company to fuel its growth in...

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