Chase Carey joins Sky Deutschland board
News Corp. deputy chairman joins German pay TV groupCOLOGNE, Germany -- News Corp. deputy chairman Chase Carey has joined the supervisory board of Sky Deutschland in what analysts are taking to be a sign Rupert Murdoch intends to strengthen his influence over the German pay TV group.
Sky Deutschland shareholders approved Carey's appointment Friday. They also gave management the green light to for future bond and share issues which could raise up to €500 million ($680 million) for Sky. Sky pushed through its latest capital issue in January, which brought in €110 million ($150 million) and raised News Corp.'s stake in the company to 45.42%.
Sky could use the extra cash. The company booked a $920 million (€676 million) loss last year as revenues slipped slightly to $1.2 billion ($902 million) and subscriber figures barely moved.
New CEO Brian Sullivan, who took over running Sky from Mark Williams this month, is still sticking to his target of a break even by 2011.