Broadcaster also affirms guidance and successfully extends bank facility.
Pay TV provider Sky Network Television has this morning told the stock exchange it has sold its outside broadcasting capability to NEP New Zealand, the local arm of a US-based global remote and studio-based production company.
The transaction is subject to approval from the Overseas Investment Office and the New Zealand Commerce Commission, and relevant applications have been lodged.
The terms of the transaction, including purchase price and services agreement, are confidential to the parties.
The deal makes NEP NZ Sky’s technical production partner for the next decade, with its Outside Broadcast subsidiary assets will be transferred to NEP, including six high-definition
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Gamestop dropped a futher 20 per cent yesterday. Photo / AP
NZ Herald
New Zealand The S&P NZ50 finished the day down 1.0 per cent. Smaller companies outperformed as the S&P NZ Small Cap Index was down only 0.6 per cent.
The best performing sectors on the day were Energy and Financials, respectively up 1.1 and 0.4 per cent. The worst performing sector on the day was Information Technology, falling 2.1 per cent, followed by Health Care, which retreated 1.8 per cent.
Packaging and shipping company Freightways, which rose 4.2 per cent, took the top spot in the day s trading while satellite television provider Sky Network Television, up 2.7 per cent, continued its recent momentum.
Press Release – Commerce Commission The Commerce Commission has granted clearance for NEP Broadcast Services New Zealand Limited to acquire from Sky Network Television Limited the assets of its outside broadcasting business, Outside Broadcasting Limited. Chair Anna Rawlings said the …
The Commerce Commission has granted clearance for NEP Broadcast Services New Zealand Limited to acquire from Sky Network Television Limited the assets of its outside broadcasting business, Outside Broadcasting Limited.
Chair Anna Rawlings said the Commission is satisfied that the acquisition is unlikely to substantially lessen competition in any New Zealand market.
Central to the Commission’s decision was its assessment of what Sky would otherwise do if the proposed acquisition did not proceed. In particular, the Commission considered and tested whether there was a realistic prospect that OSB would otherwise continue providing outside broadcasting services in competition with NEP.