October 25, 2018
Jeremy Darroch, chief executive of Comcast Corp.’s newly-owned Sky subsidiary, said he plans on remaining at the U.K. satellite TV operator following Comcast’s $40 billion acquisition.
Speaking Oct. 25 on Comcast’s fiscal call, Darroch said he looked forward to leading Sky, which has more than 15 million subscribers, including subsidiaries Sky Deutschland and Sky Italia.
“We’re all energized by the next phase of growth and the additional opportunities that being part of Comcast will bring, on top of delivering our existing plans,” he said.
The news seemed to please Comcast chairman/CEO Brian Roberts, who introduced Darroch on the fiscal call. Indeed, for Darroch – who received a $47.4 million golden parachute following the close of the acquisition – not remaining at Sky could have proved a challenge to Comcast’s nascent international strategies.
“We’re really excited and pleased with the [Sky] management team” said Roberts. “We are delighted that Jeremy and many of the team, the senior team, we hope and believe are going to stay with the company.”
With Roberts agreeing to pay more than twice what 21stCentury Fox offered for outstanding interest in Sky, media analysts in the United States have questioned how the deal will be accretive for Comcast shareholders going forward.
“It seems as though they would like investors to forget that Sky is also a satellite TV provider, and satellite video distribution is increasingly becoming obsolete,” Craig Moffett, with MoffettNathanson Research, wrote in a note last month.