Sky completes European invasion, ditches BSkyB name after 24 years
Sky has completed its acquisition of Sky Italia and secured the controlling stake in Sky Deutchland to become what it calls "Europe's largest entertainment company."
The deal was originally announced in July, during the posting of the company's financial results at the time, but a further, perhaps surprising move is that it is finally ditching the BSkyB name that it first started using after merging with British Satellite Broadcasting in 1990. From now it will be simply known as the name many call it anyway: Sky.
It was announced in July that the company was to acquire 100 per cent of Sky Italia and a controlling stake in Sky Deutschland (57.4 per cent). Both were owned by 21st Century Fox, which itself owns a 39.1 per cent stake in BSkyB.
"We have always believed that a combination of the European Skys would create enormous benefits for the combined business and for our shareholders," said James Murdoch, co-chief operating officer of 21st Century Fox.
"Ultimately, a pan-European Sky is good for customers, who will benefit from the accelerated technological innovation and enhanced customer experience made possible by a fully integrated business."
The new company will serve 20 millions customers across the UK, Ireland, Italy, Germany and Austria.