Press release
BSkyB notes News Corporation's announcement that it no longer intends to make an offer for the entire issued and to be issued share capital of BSkyB not already owned by News Corporation.
The Board believes BSkyB has a compelling investment case and significant growth opportunities, as demonstrated by its excellent operational and financial performance and strong balance sheet which provides both strategic and financial flexibility.
Commenting on the announcement, Jeremy Darroch, BSkyB's Chief Executive, said:
"We are delivering on our clear, consistent strategy and are building a larger, more profitable business for the long term. We remain very confident in the broadly based growth opportunity for BSkyB as we continue to add new customers, sell more products, develop our leading position in content and innovation, and expand the contribution from our other businesses. I would like to commend all our employees for their unrelenting focus throughout the offer period and thank them for their continuing support."
Nicholas Ferguson, BSkyB's Deputy Chairman and Senior Independent Non-Executive Director, added:
"Since the start of the offer period, BSkyB's management team has remained fully focused on its strategic and operational priorities, as evidenced in the strong results reported for the first nine months of the financial year. With good momentum and a range of options for continued growth, BSkyB is well positioned to increase earnings and cash flow and deliver higher returns for shareholders."
BSkyB will announce its preliminary results for the 12 months ended 30 June 2011 on 29 July 2011. As previously announced, Jeremy Darroch and Andrew Griffith, Chief Financial Officer, will give a presentation on the results for the period to UK analysts and investors. There will be a separate conference call for US analysts and investors.
