Murdoch once again lends Sky a helping hand
Rupert Murdoch is once again coming to the aid of the struggling German pay-TV broadcaster Sky with a cash injection. This will increase the media mogul's stake from 40 to as much as 45.4 percent.
The channel, formerly known as Premiere, announced on Monday that it would raise 110 to 120 million euros in January by issuing a good 49 million new shares. Murdoch has been on board since 2008, has filled the management with his own people and has already organized a capital increase of 450 million euros for the chronically loss-making broadcaster. Sky expects an operating loss (EBITDA) of 255 to 265 million euros for 2009. By the end of the year, the channel will probably only have just under 2.5 million subscribers.
