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CCV - Churchill Capital V News Story

$9.93 -0.0  -0.2%

Last Trade - 6:42pm

Sector
Financials
Size
Mid Cap
Market Cap £486.9m
Enterprise Value £485.8m
Revenue £n/a
Position in Universe 3191st / 6851

UPDATE 1-Comcast's SKY launches broadband offering in Italy

Tue 16th June, 2020 7:38pm
(Adds Ibarra comments on single network)
    MILAN, June 16 (Reuters) - Italy's top pay-TV operator SKY
said on Tuesday it was adding broadband connection to 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 epidemic, when data
traffic using fixed lines almost doubled in Italy as people
worked and studied from home, and spent free time streaming
videos.
    "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, Maximo Ibarra, said in a presentation,
adding that SKY did not plan to offer mobile services.
    Italy has one of the lowest rates of fibre-to-home usage in
Europe. Demand for ultra-fast connections is expected to rise as
many people are likely to continue working from home. 
    Ibarra said SKY had invested 230 million euros ($261
million) to start its broadband service.
    It will use the fibre-optic infrastructure of wholesaler
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 spread 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 move into broadband will add pressure on the former
state phone monopoly Telecom Italia (TIM)  TLIT.MI , which has
been losing fixed-line market share.
    Rome has made ultra-fast broadband a priority and urged TIM
and Open Fiber to agree on creating a single network.
    Ibarra said a single network was best for Italy but that it
must not be controlled by a vertically integrated operator such
as TIM.    
 ($1 = 0.8828 euros)

 (Reporting by Giulio Piovaccari and Elvira Pollina; Writing by
Giulio Piovaccari; Editing by Edmund Blair and Kevin Liffey)
 ((elvira.pollina@thomsonreuters.com; 0039 0266129486;))
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