Latest news with #Comcast
Yahoo
10 hours ago
- Business
- Yahoo
Sky retreats from Germany after losing billions
Sky has made a costly retreat from Germany 15 years after Rupert Murdoch broke into the market with hopes of building a pan-European pay-TV empire. The German broadcaster RTL has acquired Sky Deutschland for just €150m (£128m). The figure represents a collapse in the value assigned to the business in 2018 when Sky was acquired for £30bn by the US cable giant Comcast in a blockbuster auction. At that time Brian Roberts, Comcast's executive chairman and controlling shareholder, said Sky's continental footprint would provide crucial scale. The takeover of Sky would help Comcast compete in the increasingly global entertainment business against the likes of Netflix and Amazon, investors were told. However, it quickly proved that Mr Murdoch had sold up at the peak of pay-TV in Europe, as streaming began to make growth much more challenging. The difficulties that Sky had experienced in making Sky Deutschland profitable would not be easily solved under new ownership. The decision to sell Sky Deutschland at a heavy loss will be received as further recognition by Comcast that it overpaid for Sky. Sky acquired full control of Sky Deutschland in 2014 in a deal that valued the German operation at more than £4.4bn. It said on Friday that if RTL is able to hit profit targets it is in line to receive an additional €377m on top of the €150m cash up front. Sky Deutschland has never made a profit, operating in a market of famously thrifty consumers. However, following determined cost-cutting under Comcast it is expected to break even this year. The sale comes after repeated attempts by Comcast to exit Germany, which never achieved the scale of even Sky's tricky Italian business. Talks last year were overshadowed by uncertainty over Sky Deutschland's crucial top-flight football rights. They were secured in December, giving new impetus to the discussions. The agreement marks Mr Roberts' most drastic move yet in its battle to make his takeover of Sky more palatable for Wall Street, which has never shown enthusiasm for his European empire-building. Comcast already reduced the value of Sky by $8.6bn (£6.3bn) in 2022 and stopped breaking out its performance in financial reports. Last year, it also reported a £1.2bn write-down on loans to its German and Italian operations, which were bought by Sky in a £7bn deal in 2014. Struggles in Europe have prompted further cost-cutting efforts at Sky, which recorded a pre-tax loss of £773m in 2023, according to its latest accounts. Plans to cut 2,000 customer service roles were announced in March. However, as well as securing the sale of Germany, Sky has delivered apparent progress in Italy. Revenues there were up 8.2pc last year to €2.4bn and it swung from a loss to underlying earnings of €177m. Thomas Rabe, the chief executive of RTL, said the deal would 'bring together two of the most powerful entertainment and sports brands in Europe, and create a unique video proposition across free TV, pay-TV and streaming'. The German division, which operates in Germany, Austria, Switzerland and parts of Italy, holds the rights to broadcast the Bundesliga, the German football league, until 2029. Francois Godard, an analyst at Enders Analysis, said Sky had struggled in Germany with market share languishing around 10pc. Mr Godard said that earlier valuations of Sky Deutschland had been based on 'magic growth ... Of course, that did not happen'. He added: 'Germany has always been different from the UK. They never reached the kind of penetration they had in the UK.' Meanwhile, Sky's attempted overhaul was dealt a blow last year after bosses discovered an embarrassing advertising blunder. This stemmed from Sky uncovering miscalculations in its ad sales that meant its partners did not receive the correct revenues from their deals dating back years. Like other broadcasters, Sky has also been navigating a shift from linear TV to streaming, as customers switch from expensive satellite TV packages to on-demand streaming apps. Next year, it will face further competition as HBO launches its Max streaming service. In December, Sky secured a deal to keep HBO's shows, such as a new Harry Potter series, bundled with its service, but they will no longer be exclusive to the UK broadcaster. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 hours ago
- Entertainment
- Yahoo
Raindance Film Festival: ‘Nawi' Wins Best Int'l Feature and Debut Performance Awards
The 33rd Raindance Film Festival is wrapping up on Friday and has unveiled its jury awards. Nawi: Dear Future Me, which tackles child marriage and was Kenya's submission for the 2025 international feature film Oscar race, was honored as the best international feature. Its young star Michelle Lemuya Ikeny won the best performance in a debut feature award. The Kenyan-German coming-of-age drama was directors by the brothers Toby and Kevin Schmutzler, as well as Apuu Mourine and Vallentine Chelluget. The best documentary feature award went to Immortals, directed by Maja Tschumi, about 'strong-willed feminist Milo and ambitious filmmaker Khalili who, in the aftermath of the 2019 revolution, are the faces, eyes, and voices of an Iraqi youth that is relentlessly fighting for abetter future.' More from The Hollywood Reporter Polish Indie Kino Swiat Names New CEO 'Action Item' Treats Burnout as "Collective Condition, Silenced Crisis" (Exclusive Karlovy Vary Trailer) Comcast to Sell Sky Deutschland to Bertelsmann's RTL Group Matthew Losasso's Row won the best U.K. feature honor, while the discovery award for best debut feature went to Srishti, directed by Paul Antar. The Spirit of Raindance Award was presented to Alaa Aliabdallah's Palestine Comedy Club. Check out the full list of winners below. Best international featureNawi: Dear Future Me (directors Vallentine Chelluget, Apuu Mourine, Kevin Schmutzler, Kenya)Highlighting the plight of child brides in Africa, and acclaimed at multiple film festivals and at theAfrican Movie Academy Awards, Nawi: Dear Future Me follows a 13-year-old whose father is sellingher to a much older man for a herd of goats, and so she embarks on a journey to reclaim her dream ofjoining high school. Honorable mention: The Party's Over Best documentary featureImmortals (director Maja Tschumi, Switzerland/Iraq)An insight into a new generation that has known nothing but war since the US-led occupation,Immortals follows strong-willed feminist Milo and ambitious filmmaker Khalili who, in the aftermath ofthe 2019 revolution, are the faces, eyes, and voices of an Iraqi youth that is relentlessly fighting for abetter future. Honourable mention: Children In The Fire Discovery award for best debut feature (The Elisar Cabrera Award)Srishti (director Paul Antar, India)The story of a photographer, haunted by childhood guilt, who travels to remote Himalayan Sector K toinvestigate a mysterious phenomenon – this mystery/drama highlights the plight of children forced towork trawling through giant rubbish heaps in search of things that can be monetized. Best debut directorAlissa Jung, Paternal Leave (Germany/Italy)A champion at Berlin and BCN film festivals, Paternal Leave follows a teenage girl's journey to Italy'snorthern coast, seeking her unknown biological father. Best performance in a debut featureMichelle Lemuya Ikeny, Nawi: Dear Future MeHaving previously won the African Movie Academy Award for Best Promising Actor for herperformance in Nawi: Dear Future Me, teenage actress Michell Lemuya Ikeny now wins Raindance's'Best Performance in a Debut Feature' for her debut acting role, playing a schoolgirl in north-westernKenya forced to marry an older man. Best performance in a U.K. featureEdward Hogg, The Lonely MusketeerNominated for Most Promising Newcomer at the BIFAs in 2009 for his first film lead role in WhiteLightnin', and with further credits including A Good Woman Is Hard to Find and Imagine, English actorEdward Hogg now wins Raindance's best performance in a U.K. feature for his role in unique closed-room thriller The Lonely Musketeer. Best U.K. featureRow (director Matthew Losasso, UK)Shot on the open sea, and with a cast including Bella Dayne (Humans) and Sophie Skelton (Outlander),Row sees a woman wash ashore on a blood-stained rowing boat after a failed trans-Atlantic worldrecord attempt. With all her crewmates missing, presumed dead, she must piece together fracturedmemories of the ordeal to prove her innocence. Best director of a U.K. featureChristopher M. Anthony, HeavyweightStarring Nicholas Pinnock, Jordan Bolger and Jason Isaacs, Heavyweight follows a wildcard boxingcontender and his support team ahead of a title fight he doubts he can win. An intense & visceralexperience exploring a side of elite sport rarely seen. Honorable mention: Helena Berndl and Francesco Maria Gallo, In Symbiosis Best U.K. cinematographyBruce Jackson, The Lonely MusketeerShot in monochrome in one claustrophobic main location, The Lonely Musketeer is a taut, stripped-back mystery thriller and a masterclass in low-budget filmmaking. Spirit of Raindance AwardPalestine Comedy Club (director Alaa Aliabdallah, UK)When six Palestinian comedians hit the road to tour a stand-up show, their search for humour amidstthe injustice of everyday Palestinian life becomes a plea for humanity in the face of brutal war. Thisdocumentary feature is directed by Alaa Aliabdallah and produced by Raindance alumni CharlotteKnowles, previously CEO of the Independent Film Trust. SHORTS PROGRAMBest live-action shortLittle Rebels Cinema Club (director Khozy Rizal, Indonesia)Set in 2008, Doddy, a 14-year-old boy, tries to recreate an iconic scene of a zombie film with three ofhis best documentary shortThe Final Copy of Ilon Specht(director Ben Proudfoot, USA)From two-time Oscar winner Ben Proudfoot comes this intimate deathbed account of the unsungadvertising genius Ilon Specht who coined L'Oréal's iconic 'Because I'm Worth It' slogan in 1971, afour-word feminist manifesto that, against all odds, changed advertising animation short Larval (director Alice Bloomfield, UK)Living life in isolation, a girl dreams of luxury and beauty, fantasizing about possessing the looks ofher celebrity idol and winning the heart of her unrequited UK SHORT: THERE WILL COME SOFT RAINS (dir: Elham Ehsas, UK)Haunted by rising sea levels, a daughter digs up her father's grave to move his body to higher ground. Best of The Hollywood Reporter The 40 Best Films About the Immigrant Experience Wes Anderson's Movies Ranked From Worst to Best 13 of Tom Cruise's Most Jaw-Dropping Stunts
Times
14 hours ago
- Business
- Times
Sky sells German division to RTL Group for initial €150m
The German division of Sky will be sold to a leading local operator as European groups consolidate to compete with the American streaming giants. RTL Group, the largest German broadcaster, is to purchase the Sky unit with an upfront cash payment of €150 million and a possible additional consideration of up to €377 million. Sky's German business holds sports rights including Bundesliga and Premier League football, as well as the rights to show Formula 1 races. RTL, which is owned by the German media group Bertelsmann, will make the additional payments for Sky depending on the performance of its share price post-acquisition. Comcast, the parent company of Sky, can call for the payment of the additional consideration within five years of the deal closing if RTL's share price is higher than €41, capped at a payment of €70 per share or €377 million.
Express Tribune
15 hours ago
- Entertainment
- Express Tribune
Steven Spielberg unveils intense new film footage during Universal's theater tribute
Steven Spielberg was the guest of honour at Universal Studios on Thursday night, where the studio officially named its new, state-of-the-art screening room after the legendary director. The event brought out a star-studded crowd including the Daniels, Seth Rogen, Ava DuVernay, Colman Domingo, and Vin Diesel. Taking the stage at the emotional gathering, Spielberg, 77, reflected on his decades-long relationship with the studio - from directing his first project Duel in 1971 to recent releases like The Fabelmans. 'It feels like we keep getting remarried,' he joked. 'But tonight is definitely a milestone.' As if to prove he's far from slowing down, Spielberg also gave guests an exclusive first look at behind-the-scenes footage from his mysterious upcoming film, slated for release in 2026. While plot details remain under wraps, the cast includes Emily Blunt, Josh O'Connor, Colman Domingo, Eve Hewson, and Colin Firth. The preview teased high-stakes action: Blunt's character flees ominous black vehicles, a harrowing train collision unfolds, and Firth appears to be a shadowy figure pulling strings from what looks like a high-tech command centre. Although Spielberg hasn't confirmed the film's theme, the chase sequences, underground labs, and eerie suspense suggest a sci-fi edge, possibly even the long-rumoured UFO plot. NBCUniversal's Donna Langley and Comcast's top brass hosted the ceremony, describing the new 'Spielberg Theater' as the heart of their expanded film campus. Fitted with Dolby Vision and Atmos tech, as well as 35mm and 70mm projectors, the venue will be used by future directors to perfect their cuts, a detail not lost on Spielberg. 'This isn't just my past,' he said. 'It's about tomorrow's storytellers too.'
Telegraph
18 hours ago
- Business
- Telegraph
Sky retreats from Germany after losing billions
Sky has struck a cut-price deal to sell its German television business after losing billions of pounds on a troubled expansion spree. The media giant announced the sale of Sky Deutschland to Radio Télévision Luxembourg (RTL), Germany's biggest broadcaster, on Friday, in a deal that values the business at €150m (£128m). Comcast had been exploring the sale of Sky Deutschland for several years, which was bought from Rupert Murdoch's Fox for £2.9bn in 2014 but has never turned a profit. Cost-cutting The sale forms part of attempts by Sky-owner Comcast to radically scale back the British broadcaster, which is struggling amid increased competition from streamers. Comcast already slashed the value of Sky by $8.6bn (£6.3bn) in 2022 after acquiring the business for $31bn in 2018. Last year, it also reported a £1.2bn write-down on loans to its German and Italian operations, which were bought by Sky in a £7bn deal in 2014. Struggles in Europe have prompted further cost-cutting efforts at Sky, which recorded a pre-tax loss of £773m in 2023, according to its latest accounts. Plans to cut 2,000 customer service roles were announced in March. Meanwhile, RTL, which is part of media conglomerate Bertelsmann, could pay a further €377m (£321m) for Sky Deutschland based on its future performance. For example, extra payments will be triggered if RTL's share price exceeds €41. The combined business will have 11.5m customers. Thomas Rabe, the chief executive of RTL, said the deal would 'bring together two of the most powerful entertainment and sports brands in Europe and create a unique video proposition across free TV, pay-TV and streaming'. 'Germany has always been different' The German division, which operates in Germany, Austria, Switzerland and parts of Italy, holds the rights to broadcast the Bundesliga (the German football league) until 2029. Francois Godard, an analyst at Enders Analysis, said Sky had struggled in Germany with market share languishing around 10pc. He said earlier valuations of Sky Deutschland had been based on 'magic growth … of course that did not happen'. 'Germany has always been different from the UK. They never reached the kind of penetration they had in the UK.' Meanwhile, Sky's attempted overhaul was dealt a blow last year after bosses discovered an embarrassing advertising blunder. This stemmed from Sky uncovering miscalculations in its ad sales that meant its partners did not receive the correct revenues from their deals dating back years. Like other broadcasters, Sky has also been navigating a shift from linear TV to streaming, as customers switch from expensive satellite TV packages to on-demand streaming apps. Next year, it will face further competition as HBO launches its Max streaming service. In December, Sky secured a deal to keep HBO's shows, such as a new Harry Potter series, bundled with its service, but they will no longer be exclusive to the UK broadcaster.
