News Corp. ups stake in Sky Deutschland
Move follows rebrand at the German pay TV platformCOLOGNE, Germany -- News Corp. has increased its stake in German pay TV platform Sky Deutschland from just over 30% to just under 40%, sending shares soaring.
Sky Deutschland stock was up more than 10% to €3.47 ($5) in midday trading Wednesday as News Corp. increased its stake from 30.5% to 39.96%.
Estimating based on the Sky's recent share price, the boost likely cost News Corp. $200 million-$225 million.
The move follows a rebranding at the German pay platform, which used to be called Premiere but was relaunched as Sky Deutschland last month, emphasizing News Corp.'s control on the company. News Corp. operates Sky-branded pay platforms in the U.K. (BSkyB) and Italy (Sky Italia).