Sky share price: Group stops broadcasting Fox News

Rupert Murdoch’s 21st Century Fox withdraws channel amid low audience figures

Sky share price: Group stops broadcasting Fox News

Sky (LON:SKY) has stopped broadcasting Fox News in the UK after low audience figures, the BBC has reported. The move comes with 21st Century Fox, which is owned by Rupert Murdoch, currently looking to acquire the FTSE 100 group.

Sky’s share price has been little changed in London in today’s session, having inched 0.11 percent higher to 952.50p as of 13:40 BST, underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.56 percent higher at 7,378.61 points. The group’s shares have added just under 12 percent to their value over the past year, but have given up nearly four percent in the year-to-date.

The BBC reported yesterday that 21st Century Fox had said that it was withdrawing the Fox News channel from Sky as it was no longer in the company’s ‘commercial interest‘ to continue broadcasting it in the UK. The UK group stopped broadcasting the US television network in the UK from 16:00 yesterday.

A source meanwhile told the newswire that the decision was not related to Fox’s takeover bid for Sky. Earlier this year, Culture Secretary Karen Bradley said that she was ‘minded to’ refer the bid to competition regulators. Critics of the merger, which gives 21st Century Fox access to Sky’s 22 million customers in Europe, argue that Rupert Murdoch will have too much control of the UK media.

The 16 analysts offering 12-month price targets for Sky for the Financial Times have a median target of 1,075.00p, with a high estimate of 1,350.00p and a low estimate of 400.00p. As of August 25, the consensus forecast amongst 16 polled investment analysts covering the blue-chip group has it that the company will outperform the market. 

As of 14:04 BST, Wednesday, 30 August, Sky Plc share price is 951.50p.

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