Hedge fund Elliott Management buys stake in UK pay-TV group Sky
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 , according to a regulatory filing published on Friday.
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 buying Twenty-first Century Fox`s 39 percent Sky stake in its $52.4 billion purchase of Fox assets, a deal that faces its own lengthy regulatory process in the United States.
Earlier this month, Elliott disclosed a 1.7 percent stake in British engineering company GKN Plc and a short position in GKN`s suitor Melrose Industries 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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