Sky Network Television plans to roll out new technology

Company News

by Anna Napoli

Sky Network Television (ASX:SKT) has kicked off its AGM in Auckland, and, Chairman, Peter Macourt says the broadcaster is uniquely placed to capitalize on the roll-out of fast internet.

The NZ based company plans to introduce new technology and ways of accessing SKY starting with a new online TV box.

Sky says a $3 million lift in underlying net profits for the 2018 full year came from removing costs from its traditional pay TV business while continuing to invest in over the internet offerings

The Chairman noted that it is a turbulent time for the company due to the increasingly competitive nature of the market as well as the inability to capitalize on the advantages that the Vodafone merger would have brought.

Earlier this year the New Zealand Commerce Commission knocked back a merger between SKY and Vodafone due to concerns it would lessen competition in the New Zealand market. .

Shares in Sky Network Television (ASX:SKT) closed 0.49 per cent lower at $2.03 on Wednesday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.