News International Performing “Brilliantly” As Sky Global Float Delayed
Chairman of News Corp Rupert Murdoch has hinted that the flotation of Sky Global Networks could be postponed until the beginning of next year. Speaking at the group’s AGM in Adelaide he said that a proposed float by the end of this year is now “an impossibility”.
Recent market conditions for media and telecoms stock has placed uncertainty around the group’s projected earnings for the coming year and the new company, which will house its satellite television assets, including BSkyB (see News Corp To Float Satellite TV Assets), looks likely to be delayed as a result.
Murdoch was positive about News International, however, the group’s UK newspaper division which includes the Sun and the Times. “Our newspapers in Britain are doing brilliantly,” he said. “Our circulation continues strong in Britain and our advertising is running at record levels and well ahead of our budgets.”
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