British Satellite Network to Get More Funding
The two major shareholders of British Sky Broadcasting PLC said Wednesday that they reached an agreement on providing additional funding for the money-losing satellite television network.
The network was formed though last year’s merger of Rupert Murdoch’s Sky Television and British Satellite Broadcasting.
The amount of funding and how much each shareholder is providing was not released by shareholders in separate statements.
The network’s 50-50 shareholders are Murdoch’s News International and BSB Holdings.
BSB Holdings is made up of entertainment company Granada Group PLC, publishers Pearson PLC and Reed International PLC and French conglomerate Chargeurs SA.
However, Reed said Monday that it wouldn’t provide more funds to the network because it wanted to focus its resources on its core publishing and information businesses.
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