New Development

AUCKLAND, Wednesday: Sky Network Television has sold its subsidiary Outside Broadcasting Ltd, which films live sports, to global production conglomerate NEP.

Businessdesk news site reports that the transaction enables Sky to dodge spending roughly $ 50 million to buy broadcast equipment in the next five years which it said was needed to “stay at the forefront of broadcast technology”.

“The sale will allow Sky to focus on developing more creative content.”

The sale will allow Sky to focus on developing more creative content, a statement to the NZX said. The company is in the process of transitioning away from satellite television and into online streaming.

The broadcaster bought Spark’s entertainment streaming platform Lightbox in February, combining it with its own Netflix competitor, Neon.

• Read the original story (by Dan Brunskill) here