Sky (LON:SKY) and HBO have taken up minority stakes in Bad Wold, the FTSE 100 group has said. The deal will see the London-listed group invest £1.6 million in the transatlantic production company.
Sky’s share price has been subdued in London in today’s session, having slipped 0.31 percent to 953.00p as of 14:42 BST, slightly underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.12 percent lower at 7,373.23 points. The group’s shares have added more than 11 percent to their value over the past year, but have given up nearly four percent in the year-to-date.
Sky and HBO announced in a statement today that they had each taken a minority stake and seats on the board of Bad Wolf. The deal will see the transatlantic production company supply drama for the recently announced co-production partnership between Sky and HBO, which is aimed at funding large scale dramas for the international television market.
As part of the partnership, the FTSE 100 group is investing £1.6 million in Bad Wolf and will be represented on the board by Gary Davey, Managing Director of Content.
“The deal underlines HBO and Sky’s commitment to investing in world-class content,” the pay-TV group said in the statement.
Bad Wolf launched in 2015 as a transatlantic production company, with backing from the Welsh Government, and is co-sited in Los Angeles and South Wales.
The 16 analysts offering 12-month price targets for Sky for the Financial Times have a median target of 1,075.00p on the shares, with a high estimate of 1,350.00p and a low estimate of 400.00p. As of August 18, the consensus forecast amongst 16 polled investment analysts covering the blue-chip group has it that the company will outperform the market.