Satellite broadcaster Sky has actually sold a bulk stake in Sky Bet, valuing the betting operation at ₤ 800m.

The Leeds-based operation, that includes sites such as Sky Vegas and Sky Bingo, is being bought by personal equity group CVC Capital Partners., external

Sky will be paid ₤ 600m when the bet9ja's welcome offer is completed next year and will keep a 20% stake.
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Betting and video gaming was not considered part of Sky's core service, a representative said.
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The sale would enable it to focus on the "substantial growth chances" in pay tv in the 5 European markets it operated in, Sky said.
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The business recently finished the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its consumer base to 20 million throughout Britain, Ireland, Germany, Austria and Italy.

Jeremy Darroch, primary executive of Sky, said the sale realised "considerable value" for investors.

Shares in Sky increased 1.2% to 938p in London, valuing the company at simply over ₤ 16bn. The stock has increased by practically 20% in the previous 12 months.
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'Successful property'

Analysts at Citi stated Sky might utilize a few of the profits to purchase out the staying minority investors in Germany, including: "We think a sale of Sky Bet is a practical strategic move."

Sky Bet is a "non-core however extremely effective property" and stated proceeds must assist the business pay down debt, which was anticipated to be ₤ 6.3 bn for the 2015 monetary year.

CVC, which has had an interest in the betting and gaming sector with stakes in business such as William Hill and IG Group, shopped Betfair in 2015 in a ₤ 1bn deal. However, the 2 companies failed to agree on price.
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The private equity group controls the Formula One motor racing organization.
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Sky Bet will stay in Leeds with all personnel moving to the brand-new entity.
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The company created net incomes of ₤ 182m in the year to June 30 and pre-tax revenues of ₤ 50m.
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Sky has struck a long-lasting brand name licence agreement with Sky Bet.

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