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SBD Global/January 15, 2013/Media
Rupert Murdoch's News Corp. Raises Stake In Sky Deutschland To 54.5%
Published January 15, 2013
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RAISING THE STAKES: In London, Gerrit Wiesmann reported Sky Deutschland said that News Corp. would give it €347.4M ($464.4M) "in return for new Sky Deutschland shares," raising its stake to 54.5%, from 49.9% five years after the U.S. group "first took a stake in the long-struggling venture." The move "was part of a financing package" totaling less than €1B, which Sky Deutschland CEO Brian Sullivan said that "the company would use to invest in programming, technology and customer service in order to lure more customers." Sullivan said that subscriptions rose 12% to 3.36 million last year. News Corp. COO Chase Carey said he still saw "significant market opportunities" for Sky Deutschland (FINANCIAL TIMES, 1/14). Also in London, Georg Szalai reported "Sky Deutschland will sell 77.9 million new shares to a News Corp. unit," raising about $465M in new equity. Also, Sky Deutschland will refinance $400M in bank credit facilities guaranteed by News Corp. In addition, News Corp. will cover Bundesliga football league rights that Sky Deutschland has secured through the '16-17 season (HOLLYWOOD REPORTER, 1/13).