As predicted in a previous ABI news item, News Corp has sold its entire 8.1 per cent stake in Sky Perfect Communications Inc, a Japanese satellite broadcasting firm, to three Japanese companies – Fuji Television, Sony Broadcast Media and Itochu Corp, the three largest shareholders in Sky Perfect. Their equity stake increased to 12.7 per cent each with the purchase of Sky Perfect shares held by a News Corp subsidiary.
SkyPerfecTV has made losses for the past seven years. Japan’s 20 per cent cap on foreign investment in broadcasters is also a deterrent.
Even so the sale may damage Murdochs attempt to be a player in one of the biggest broadcasting markets. But News Corp has probably not given up on the important Japanese broadcasting market.
Meanwhile comes the news that Fox International Channels will launch in the UK in 2004. The new channel will compete with Sky One. Jason Thorp has been appointed vice-president.