• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

SEENIT

TV, Film, Broadband, Pay-TV, Games, Computing and Tech | News, Comment & Reviews

  • NEWS
  • FEATURES
  • ADVERTISE
  • Twitter

Sky offloads betting business for £600m

December 4, 2014 - Martin Hoscik@seenituk

Sky_logo.svgSky has agreed to sell a majority stake in its online betting and gaming business, allowing the company to focus on its newly enlarged pay-TV operations.

Formed in 2001 to exploit the potential of online and mobile platforms for betting and gaming, Sky Bet now operates a range of sports, betting and gaming services.

While the business is a success, Sky is looking to focus on its pay-TV operations following acquisition of its German and Italian namesakes.

CVC Capital will pay Sky £600 million in cash for a controlling stake in the gaming business, with the broadcaster set to receive a further £120 million based on pre-agreed benchmarks.

Sky will retain 20% of the business and will continue to have board representation.

As part of the deal the two firms have agreed a long-term brand licence agreement.

All staff will remain with the business under the leadership of the existing management team.

Jeremy Darroch, Group Chief Executive of Sky, said: “In the last ten years, we have successfully grown Sky Bet from a start-up to one of the leading online betting and gaming companies in the UK.

“This transaction will allow us to focus further on the substantial growth opportunities in our core international pay TV business while realising significant value for our shareholders.”

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on Pinterest (Opens in new window)

Related

Tagged With: Gaming, Sky

Blu-ray and Gaming Top Buys

Batman: Soul Of The Dragon comes to DVD and Blu-ray next month

Classic Doctor Who story The Web of Fear is coming to Blu-ray

Francis Ford Coppola’s re-edit of The Godfather: Part III gets official trailer

RECENT

Dawn French and Richard Curtis reunite for Vicar of Dibley documentary

EE brings 5G to 13 new towns and cities

Ubisoft to release new open-world Star Wars game

The New Mutants tops this week’s best selling movie chart

Popular

Sky bags first run rights to Entertainment One catalogue

Freesat adds BBC Sounds to app line-up

Coming To America sequel to get global release on Amazon Prime Video

Hitman developers announce new James Bond game

Featured

Ofcom calls for greater social and geographic diversity in TV and radio

BT Sport app now available on Now TV devices

StarzPlay is now available from Rakuten TV

Britbox – What does the new UK-centric streaming service offer?

Popular Topics

  • Amazon Prime Video
  • BritBox
  • Freeview Play
  • Set Top Box Reviews

ADVERTISE ON SEENIT

We’re pleased to offer a number of advertising opportunities to high quality brands including sponsored content, competitions and advertising placements.

Please contact us for details.

MORE FROM US

Copyright © 2021 · All Rights Reserved · Contact Us · Copyright · Terms of Use · Privacy Policy
MayorWatch Publications Limited · 20-22 Wenlock Road · London N1 7GU · Company Number 6291816