The British pay-TV giant has entered into a “legally binding commitment” with the U.S. cable giant that offers long-term funding for the news broadcaster. It has committed to maintain Sky News funding for at least ten years as well as maintaining Sky’s HQ in Osterley, London and a promise not to acquire a UK newspaper for five years.
This comes after Comcast offered the promises in May 2018 in order to be allowed to acquire the company.
Nigel Baker, CEO of Thomson Foundation, formerly VP of business operations for the Associated Press, a journalist with more than 40 years’ experience, becomes Chairman of the Sky News board, while other members include former head of BBC political programs Sue Inglish, former Channel 4 News journalist Chris Banatvala and Mark Astaire, Chairman of Corporate Broking of Barclays.
Jeremy Darroch, Group CEO of Sky, said, “We have invested in Sky News since it launched nearly thirty years ago and we are delighted that Comcast has joined us in extending its commitments, which will secure the future of Sky News for the next ten years.”
John Ryley, Head of Sky News, added, “Sky’s belief in Sky News has enabled us to build an outstanding record of world class reporting. This long-term funding commitment ensures that we can continue to invest in quality journalism and strengthen our position as an independent, trusted news source.”