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Equity Bottom-Up

Sky Network Television / Equity Bottom-Up

We recommend that Sky shareholders vote in favour of the proposed Vodafone New Zealand acquisition. We see the combined entity as having a more strategically certain future than Sky as a stand-alone unit. The content delivery landscape is evolving rapidly in the digital era, as are consumer preferences. Against this backdrop, a manoeuvre that transforms Sky from a single-play entity (pay television) to one that also offers mobile telephony and broadband has clear merit.If shareholders reject the proposal, Sky shares could drop below the preannouncement price of around NZD 4.25 per share. This is because investors may harbour doubts as to whether the current management team is capable of steering Sky as a stand-alone entity, having revealed that combining with Vodafone is the best way to compete in the increasingly competitive Kiwi entertainment space.Analysts: Brian Han &amp; Benjamin Chan

We recommend that Sky shareholders vote in favour of the proposed Vodafone New Zealand acquisition. We see the combined entity as having a more strategically certain future than Sky as a stand-alone unit. The content delivery landscape is evolving rapidly in the digital era, as are consumer preferences. Against this backdrop, a manoeuvre that transforms Sky from a single-play entity (pay television) to one that also offers mobile telephony and broadband has clear merit.If shareholders reject the proposal, Sky shares could drop below the preannouncement price of around NZD 4.25 per share. This is because investors may harbour doubts as to whether the current management team is capable of steering Sky as a stand-alone entity, having revealed that combining with Vodafone is the best way to compete in the increasingly competitive Kiwi entertainment space.Analysts: Brian Han &amp; Benjamin Chan

Sky Network Television Bets Future as a Telecom-Media Amalgam