UPDATE:
Comcast is reporting a stronger than expected second-quarter profit even as it struggles to keep cable TV subscribers, according to AP.
Earnings reported Thursday were $3.22 billion, or 69 cents per share. Earnings, adjusted for non-recurring gains, were 65 cents per share, which, according to a survey by Zacks Investment Research, was 4 cents better than expected.
Revenue was $21.74vn in the period, just short of expectations.
Comcast, based in Philadelphia, lost 140,000 cable TV subscribers during the quarter.
Sky's annual net profits have jumped 17 per cent, the pan-European television broadcaster said on Thursday, as US media giants Comcast and 21st Century Fox battle for control of the group.
Sky's profit after tax increased to £815 million (Dh3.95 billion) in the 12 months to June 30, compared with its 2016-17 financial year.
Subscriber numbers grew by more than 500,000, to 23 million, helping to lift revenue by 5 per cent to £13.6m, AFP reported.
"It's been an exceptional year. We've delivered another set of strong results," Sky chief executive Jeremy Darroch said in the earnings statement.
"Our strong performance reflects the execution of our strategy over an extended period of time, driving sustained growth in revenue, profits and shareholder returns," he added.
Lee Wild, head of equity strategy at Interactive Investor, said Sky had shown just why Fox and Comcast were fighting tooth and nail for control of the satellite broadcaster.
"These numbers and a bullish plan for further aggressive growth in the current financial year are clearly presented to squeeze the maximum from potential buyers," he told Reuters. "It could work."
Cable giant Comcast recently raised its bid for Sky to £26m, shortly after Rupert Murdoch's 21st Century Fox hiked its own offer to value the prized company at £24.5mn.
Sky's "share price is still trading around 30 pence above Comcast's £14.75 bid price, so investors clearly believe a better offer will be forthcoming from Fox", Laith Khalaf, senior analyst at stockbroker Hargreaves Lansdown said on Thursday.
Fox – and by proxy Disney – has until August 9 to increase its bid for Sky, a move that could cause British regulators to trigger an auction procedure.
Traditional media giants are looking to beef up their creative offerings to compete with Netflix and other streaming services, AFP said.
Sky's jewel in the crown is its live coverage of English Premier League football, while the company provides also broadband internet and telephone services.
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Read more:
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Analysts say Comcast is favourite to win Sky after it recently dropped out of a bidding war with Disney for prized film and television operations of 21st Century Fox.
Comcast itself has said it would now focus on acquiring Sky.
However, 21st Century Fox is not expected to just sit back, after the UK government earlier this month cleared the way for Mr Murdoch's group to take full control of Sky having agreed to address media plurality concerns.
Fox's long-running pursuit for the 61 per cent of Sky it does not own had been plagued by government concerns also over broadcasting standards – and the influence of Australian-born US citizen Mr Murdoch.
Critics argued that allowing Mr Murdoch – who owns major British newspaper titles The Times and The Sun – full control of Sky News would give him too much influence in the UK news business.
To remedy this, Fox has proposed to sell the rolling TV news channel to Disney should it win full control of Sky.
“This business has got really good momentum,” Mr Darroch said, according to Bloomberg.
“Whatever the future holds for any of us, Sky is in a really good place.”
The specs
Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
Torque: 500Nm
Transmission: 10-speed automatic
Price: From Dh189,700
On sale: now
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Zayed Sustainability Prize
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Mohammed bin Zayed Majlis
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
