News Corp’s Q1 figures (to September 30th) reveal that the Sky Italia pay-TV division lost 40,000 subscribers during the summer period despite paying around $70 million for television rights to the London Olympic Games. Sky Italia ended the quarter with 4.86 million subscribers.

Sky Italia had net operating income of $23 million, well down on the $119 million net income reported a year ago.  The difference was explained by higher programming costs.

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