sells pay-TV business to U.K. firm - 8th December
media mogul Rupert Murdoch wanted his European pay-TV
business, called Sky Plc., to concentrate more on
its television operations.
CVC Capital Partners, one of the worlds largest
private equity firms that specializes in management
buyouts, was looking to make an investment in online
the two of them got together with CVC purchasing a
controlling stake in the online betting division,
Sky Bet, for $1.25 billion.
deal appears consistent with recent efforts by companies
around the world to get into the online gambling business.
few months ago, the Canadian firm Amaya reached out
to the U.K. to acquire PokerStars, the worlds
biggest online poker company, and its affiliate, Full
Tilt. Because of U.S. indictments, PokerStars ran
into trouble attempting to get licensed in New Jersey.
Also, the company has been barred in Nevada and could
suffer a similar fate in California.
the Amaya acquisition, however, efforts are being
made to show regulators that with different management
the poker company should be approved for licensing.
online gaming companies have also attracted interest,
such as 888 Holdings and Bwin.Party, two large online
gaming companies operating in Europe, while Apollo
Global Management and TPG, the two companies that
took Caesars Entertainment Corp. (CZR) private a half-dozen
years ago, have made a major investment in separately-traded
Caesars Acquisition Co. (CACQ), which operates the
companys online activities.
Bet reportedly operates a large online sports book
in addition to poker and other casino games.