UK media group Sky has revealed that it was able to generate an additional £600 million (€854.3 million/$936.1 million) in profit from the sale of the controlling stake in its Sky Betting and Gaming (Sky Bet) subsidiary.
As reported by iGaming Business, Sky in December announced that it had opted to sell its igaming subsidiary to private equity group CVC Capital Partners in a deal worth up to £800 million.
At the time of the initial announcement, Sky said it would receive cash of £600 million upon completion of the deal as well as further deferred and contingent considerations up to the value of £120 million.
With the sale having been completing in March of this year, Sky has reported in its full-year results for the 12 months through to June 30 that the deal resulted in a profit on disposal of £600 million.
The Sky Bet business was presented as a discontinued operation in Sky’s set of full-year results.
source : www.igamingbusiness.com
