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| Sky sells majority stake in Sky Bet | Sky sells majority stake in Sky Bet |
| (4 months later) | |
| Satellite broadcaster Sky has sold a majority stake in Sky Bet, valuing the gambling operation at £800m. | Satellite broadcaster Sky has sold a majority stake in Sky Bet, valuing the gambling operation at £800m. |
| The Leeds-based operation, which includes sites such as Sky Vegas and Sky Bingo, is being bought by private equity group CVC Capital Partners. | The Leeds-based operation, which includes sites such as Sky Vegas and Sky Bingo, is being bought by private equity group CVC Capital Partners. |
| Sky will be paid £600m when the deal is completed next year and will retain a 20% stake. | Sky will be paid £600m when the deal is completed next year and will retain a 20% stake. |
| Betting and gaming was not regarded as part of Sky's core business, a spokesperson said. | Betting and gaming was not regarded as part of Sky's core business, a spokesperson said. |
| The sale would allow it to focus on the "significant growth opportunities" in pay television in the five European markets it operated in, Sky said. | The sale would allow it to focus on the "significant growth opportunities" in pay television in the five European markets it operated in, Sky said. |
| The company recently completed the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its customer base to 20 million across Britain, Ireland, Germany, Austria and Italy. | The company recently completed the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its customer base to 20 million across Britain, Ireland, Germany, Austria and Italy. |
| Jeremy Darroch, chief executive of Sky, said the sale realised "significant value" for shareholders. | Jeremy Darroch, chief executive of Sky, said the sale realised "significant value" for shareholders. |
| Shares in Sky rose 1.2% to 938p in London, valuing the company at just over £16bn. The stock has risen by almost 20% in the past 12 months. | Shares in Sky rose 1.2% to 938p in London, valuing the company at just over £16bn. The stock has risen by almost 20% in the past 12 months. |
| Analysts at Citi said Sky could use some of the proceeds to buy out the remaining minority shareholders in Germany, adding: "We think a sale of Sky Bet is a sensible strategic move." | Analysts at Citi said Sky could use some of the proceeds to buy out the remaining minority shareholders in Germany, adding: "We think a sale of Sky Bet is a sensible strategic move." |
| Investec described Sky Bet is a "non-core but highly successful asset" and said proceeds should help the company pay down debt, which was expected to be £6.3bn for the 2015 financial year. | Investec described Sky Bet is a "non-core but highly successful asset" and said proceeds should help the company pay down debt, which was expected to be £6.3bn for the 2015 financial year. |
| CVC, which has had an interest in the betting and gaming sector with stakes in companies such as William Hill and IG Group, tried to buy Betfair last year in a £1bn deal. However, the two companies failed to agree on price. | CVC, which has had an interest in the betting and gaming sector with stakes in companies such as William Hill and IG Group, tried to buy Betfair last year in a £1bn deal. However, the two companies failed to agree on price. |
| The private equity group controls the Formula One motor racing business. | The private equity group controls the Formula One motor racing business. |
| Sky Bet will remain in Leeds with all staff moving to the new entity. | Sky Bet will remain in Leeds with all staff moving to the new entity. |
| The business generated net revenues of £182m in the year to June 30 and pre-tax profits of £50m. | The business generated net revenues of £182m in the year to June 30 and pre-tax profits of £50m. |
| Sky has struck a long-term brand licence agreement with Sky Bet. | Sky has struck a long-term brand licence agreement with Sky Bet. |