Telecom Supports Potential Merger Of Sky And INL

Friday, 20 August 2004, 9:03 am
Press Release: Telecom New Zealand

Potential Merger Of Sky And INL

In response to the announcement that Sky Network Television (Sky) and Independent Newspapers Limited (INL) had reached agreement in principle to progress merger discussions between the two companies, Telecom has expressed support for the move.

Telecom Chief Financial Officer Marko Bogoievski said that the current structure of INL and Sky is not efficient from a shareholder perspective.

“A merger of these companies would eliminate unnecessary costs and duplication of a number of corporate and board functions. In addition a merger should allow the merged company to optimise its capital structure and enhance liquidity of the merged entity’s shares,” Mr Bogoievski said.

“Like all shareholders, we will need to consider the full details of the merger before making a final assessment of any proposal,” he said.

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