Clear horizon for Sky Deutschland
Sky Deutschland is reaping the benefits of its re-launch using BSkyB’s model, with an improving content offering and quality of user experience, plus a favourable environment for household consumption in Germany.2012 results came in very close to our forecasts and we predict that Sky Deutschland will break even at EBITDA level in 2013 and turn cash flow positive in 2015. |
Media, TV, Fixed line, Telecoms |
March 2013 Access this report
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Two News Corps for the price of one
News Corp will split publishing out of its business by creating a company to include newspapers in the US, UK and Australia as well as book publisher HarperCollins News Corp revenue growth has for some time been driven by explosive growth in cable network programming revenues, with slower revenue growth in film, TV, satellite TV and publishing The structural decline of print-based businesses is the main reason cited for the split. However, the Dow Jones and WSJ, both serving a B2B market, will be at the heart of the new publishing company’s value |
Media, TV, Press, Non-UK Media |
June 2012 Access this report
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Predictable Sky Deutschland
Sky Deutschland has renewed its broadcast rights contract with the Bundesliga until 2017, removing the most important source of uncertainty for investors and consumers, albeit at the cost of a 77% jump in the fee from 2013/14
Combined with Sky’s new exclusive channels, high definition offer and on-demand services, the contract will sustain subscriber growth, but ARPU will only rise slowly
Although we forecast Sky to meet its EBITDA breakeven target in 2013, cash flow should stay negative until 2015 due to rising spend on receivers |
Media, TV, Non-UK Media |
April 2012 Access this report
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ECJ Murphy judgment - Who will win?
The European Court of Justice (ECJ) judgment in the Portsmouth pub landlady case looks to have opened the door to legitimising the private or domestic use of decoders to watch premium sports and other pay-TV content outside the territories for which they were licensed
The outcome could prove to be a significant commercial opportunity for Sky to expand its overseas distribution among residential customers, but an extra test for the Football Association Premier League (PL) as it designs the next round of contracts with a view to at least maintaining current revenues |
Media, TV |
October 2011 Access this report
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Sky Deutschland on the mend
Sky’s revamped model has delivered a sharp reduction in churn and higher gross additions, accelerating subscriber growth. Rising high definition take-up is sustaining the increase in average revenue per user
Business prospects are improving on stronger private consumption and a carriage deal for HD versions of German commercial channels
Our forecasts have been revised upwards and we now expect faster improvement in cash flow, though it will still be negative in 2013 |
Media, TV |
May 2011 Access this report
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Germany: Update on pay and free-to-air TV
Unlike other European TV markets, the digital transition started in Germany 15 years ago and is having little impact on advertising or audience share trends of leading FTA broadcasters, RTL Group and ProSiebenSat.1
RTL Group and ProSiebenSat.1 each have both German and international FTA TV operations, but German FTA TV is more profitable. RTL and ProSieben operate a de facto duopoly in advertising, with broadly stable market shares |
Media, TV, Non-UK Telecoms, Non-UK Media, Telecoms |
November 2010 Access this report
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Sky Italia and Sky Deutschland
This report on Sky Italia and Sky Deutschland, News Corporation’s Continental Europe pay-TV assets, complements our coverage of BSkyB in the UK. We look at the market environment, including regulation and competition. The report also provides subscriber, revenue and earnings forecasts and SWOT analysis. |
Media, TV, Non-UK Media |
October 2010 Access this report
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News Corporation takes its second bite at German pay-TV
Unity Media sold its 14.58% stake in German pay-TV operator Premiere to News Corporation at the start of 2008, prompting speculation of a full takeover by News Corporation later in the year |
Media, TV, Non-UK Media |
January 2008 Access this report
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