29th July 2011
In a statement on Friday accompanying its full-year results, adds the Financial Times (paywall), BSkyB said that NewsCorp would participate pro rata in the buy-back, which means that its share of the equity will not grow, something that would have triggered immediate action by the Takeover Panel.
Announcing an increase in revenues of 16 per cent to £6.6bn and a 51 per cent rise in free cash flow to £869m, BSkyB also said it would enter into a partnership with the BBC by which the publicly funded broadcaster will present half of all grands prix in the Formula 1 seasons from 2012 to 2018 while the satellite company broadcasts all of them.
BSkyB said it now had 10.3m subscribers and that the number taking its high-definition service, for which it charges £10 a month, had leapt by 30 per cent in the year.
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