Hedge fund Elliott Management buys stake in UK pay-TV group Sky
Hedge fund Elliott Management Corp, founded by Paul Singer, has built a stake in Sky Plc
The fund`s subsidiary, Elliott Capital Advisors, announced a 1.09 percent interest in Sky through a derivatives stake, following the European pay-TV group reporting a 10 percent rise in its first-half earnings.
Elliott did not say whether the Sky position was an active or passive one, when contacted by Reuters.
The investment comes ahead of Walt Disney Co
Earlier this month, Elliott disclosed a 1.7 percent stake in British engineering company GKN Plc
Sky, whose customer base rose by 365,000 in first-half earnings to 22.9 million, reported revenue of 6.7 billion pounds ($9.6 billion) for the six months to the end of December.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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