January 26, 2018 / 8:22 PM / a year ago

Hedge fund Elliott Management buys stake in UK pay-TV group Sky

Jan 26 (Reuters) - Hedge fund Elliott Management Corp, founded by Paul Singer, has built a stake in Sky Plc, according to a regulatory filing published on Friday.

The fund’s subsidiary, Elliott Capital Advisors, announced a 1.09 percent interest in Sky through a derivatives stake, following the European pay-TV group reporting a 10 percent rise in its first-half earnings.

The investment comes ahead of Walt Disney Co buying Twenty-first Century Fox’s 39 percent Sky stake in its $52.4 billion purchase of Fox assets, a deal that faces its own lengthy regulatory process in the United States.

Earlier this month, Elliott disclosed a 1.7 percent stake in British engineering company GKN Plc and a short position in GKN’s suitor Melrose Industries Plc.

Sky, whose customer base rose by 365,000 in first-half earnings to 22.9 million, reported revenue of 6.7 billion pounds ($9.6 billion) for the six months to the end of December. (Reporting by Shalini Nagarajan in Bengaluru, editing by David Evans)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below