Stream or sink: Sky Television’s plummeting fortunes signal a shift in Australasian broadcasting
New Zealand's Sky Network Television has seen a massive share price fall in the last few days as it scrambles to stake its claim in the streaming ring alongside former News Corp comrades Foxtel and Sky plc.
It’s no wonder shares in New Zealand’s Sky Network Television fell to record lows on Monday and yesterday (sending a big tip that the ambitions of News Corp and Telstra to float part of the merged Foxtel/Fox Sports may end on tears) as it battles falling subscriber numbers, revenues and profits, all of which have forced the company to cut its dividend in half to protect cash flows. But it’s not all gloom and doom in Australasian media — Nine Entertainment shares hit a new all time intra day high yesterday of $2.36 on the ASX.
Sky TV’s share price is down more than 18% in the past five days, including 4.6% on Monday (and 38% in the past year) to a low of NZ$2.28. This is the lowest since it merged with Independent Newspapers in 2005 (both were then controlled by News Corp).