News Corp-owned Italian pay-TV operator Sky Italia added 322,000 net subscribers in 2008 for a total subscriber base of 4.7 million. It reported second quarter operating income of US$10m down $52m year-on-year. New Corp said marketing cost of subscriber acquisition and increased sports programming costs hit net income.

News Corp's operating income for the second quarter was down 42% year-on-year to US$818m, meaning the company faced a net loss of US$6.4bn, compared with net income of US$832m a year earlier. The explanation was in an $8.4bn write down on the value of assets – particularly ad supported TV channel and the recently acquired Dow Jones Group – to reflect the downturn. Chairman Rupert Murdoch blamed the "grim" economic situation for the poor results: "Our results for the quarter are a direct reflection of the grim economic climate. While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought."

Other posts by :

1. Arianespace to offer ‘rideshare’ launches
2. Space industry warns Europe must do more
3. Banks increase SpaceX forecasts
4. Orbex bankruptcy details released
5. South Korea confirms LEO plan
6. Bank: “SpaceX should lobby for an MVNO”
7. Unpacking and bagging
8. New Glenn amends pre-launch methods
9. Iridium deal a “watershed” moment for Rocket Lab

Categories: Articles, Broadcast, Business, Pay TV, Results