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CCV - Churchill Capital V News Story

$9.91 -0.0  -0.4%

Last Trade - 14/05/21

Mid Cap
Market Cap £483.3m
Enterprise Value £482.3m
Revenue £n/a
Position in Universe 3217th / 6846

Comcast's SKY launches broadband offering in Italy

Tue 16th June, 2020 2:26pm
MILAN, June 16 (Reuters) - Italy's top pay-TV operator SKY
said on Tuesday it was providing a wider range of services to
households as it added a broadband connection in its offering of
movies, sport and other content, to boost revenues in the
crowded telecoms market.
    The Comcast unit  CMCSA.O  announced the move after a
two-month lockdown to curb a coronavirus outbreak when Italy's
data traffic using fixed lines almost doubled as people worked
and studied from home, and spent their free time streaming
    "We're interested in becoming the main player in people's
living rooms and the rest of their homes," the head of SKY's
Italian operations Massimo Ibarra said in a presentation, adding
that the plans did not include offering mobile services.
    Italy has one of the lowest fiber-to-the-home usage in
Europe. Demand for ultrafast home connections is expected to
rise in the coming months, as many people are expected to
continue working from home. 
    "We have been forced home, putting the Italian telecoms
infrastructure under great stress," said Ibarra, a former top
executive at Dutch telecoms operator KPN  KPN.AS . 
    SKY has invested 230 million euros ($261 million) to launch
its broadband service in Italy, he said.
    SKY will provide the service using the fiber-optic
infrastructure of wholesale broadband firm Open Fiber, jointly
owned by Italian utility Enel  ENEI.MI  and state lender CDP.
    SKY's service will start in 26 cities this month and will
extend to 120 during the summer.     
    Ibarra said it would be extended further as Open Fiber's
coverage expanded. In the meantime, SKY has signed a deal with
Swisscom's Fastweb  SCMN.S  to reach clients in areas not
currently covered by Open Fiber.        
    SKY's entrance in the broadband business will adds pressure
on former state phone monopoly Telecom Italia  TLIT.MI , which
has steadily lost market share in the fixed-line segment.    
    The content services offered by SKY, which has 5.2 million
customers, are facing increasing competition from streaming
services like Netflix  NFLX.O  and Amazon Prime Video  AMZN.O .
    ($1 = 0.8828 euros)

 (Reporting by Giulia Piovaccari and Elvira Pollina; Writing by
Giulio Piovaccari; Editing by Edmund Blair)
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