Steven Tomsic Named CFO at Sky Deutschland
BERLIN -- Steven Tomsic took on one of the most thankless jobs in German TV business Thursday, when he said ja to the post of Chief Financial Officer at struggling pay-TV group Sky Deutschland.
Tomsic takes over from Pietro Marazana, who leaves Sky Deutschland for sunnier climes -- specifically the CFO post at News Corp.'s profitable Sky Italia.
Tomsic, currently News Corp.'s director of corporate finance and planning for Europe and Asia, is parachuting in as Sky appears to be lurching from one crisis to another.
Earlier this week, German financial regulators ruled that Sky misstated its accounts for 2007 and the first half of 2008. Regulators say Sky, then called Premiere, inflated the number of subscribers it had by more than 600,000 and overstated the company's value by 249 million Euros ($333 million) in 2007 and 252 million Euros ($337 million) in the first half of 2008.
The regulators' ruling whacked Sky shares which initially fell sharply on the news and spurred new attacks from shareholder groups. Sky is entwined in several lawsuits connected to the 2007/2008 reports.
That period was before News Corp. was running things at Premiere. News Corp. began buying into Premiere in 2008. The company installed its own management in the Fall of that year and changed the company's name to Sky Deutschland in 2009.