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Media regulator Ofcom has said it favours forcing Sky to sell its premium content to other broadcasters at a wholesale price. Speaking more broadly on Sky's strategy, Darroch said he saw strong growth potential in all three of the company's territories. JEFF PRESTRIDGE: Don't trust banks, they do what they want - you know it, I know it, they know it, Cheers! I know where my roots are.' How to invest in the new era of falling interest rates, How to profit from green energy, reducing waste and boosting recycling, How to get a near 6% yield by tapping into Asia's dividends: Henderson Far East Income's manager, The UK is cheap and shares could bounce back: Fund managers' tips on picking funds and trusts, How to find the best British companies to invest in and not worry about Brexit. “When we commission, we look at a whole range of things...what customers are telling us, resonance in terms of new customers and of course look at the reaction from the creative community. At 46 and a veteran of Dixons and Procter & Gamble, Darroch is young for the boss of a FTSE 100 company, but he is decidedly long in the tooth compared with his predecessor. If you click on them we may earn a small commission. That's one thing that most attracted me to the company. Will the UK election result boost or sink the stock market? Should British investors worry about the US election? ', At a time when Sky's rivals BT and Virgin Media axed 10,000 and 2,200 jobs respectively, Darroch knows all about providing value for money. He became Sky chief executive last December when Murdoch moved up to News Corp, which has a 39 per cent stake in Sky. They might be giants: Do US smaller companies still offer rich pickings? U.K. But Sky CEO Jeremy Darroch sees drama, produced in-house, as the future. Jeremy Darroch Sky announces new studio at Elstree The new studio is planned to house the production of multiple TV shows and films simultaneously and will be located in Elstree, close to the home of Star Wars and Strictly Come Dancing, Elstree Studios. The value of that stake has bombed by £600m and Sky has been ordered by competition authorities to sell most of it. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group, Get a discount code to save on your internet security, Discover a range of promo codes on kitchen appliances, Get great deals on existing and new plans, Upgrade your phones with these mobile deals, Click through to score Dell's discount code, British Airways to cut flights from Gatwick: Bounceback plan under new boss will shift focus to Heathrow - and ramp up luxury breaks to Barbados, No time to pay? The U.K. Foreign Office is investigating the leak after the Mail on Sunday newspaper published cables and briefing notes in which Darroch called Trump “inept” and “incompetent” and his White House “uniquely dysfunctional.”, Trump made a state visit to the U.K. last month and met with May, who will resign after failing to persuade Parliament to adopt her Brexit plan. This is Money podcast. Darroch, in contrast, is from a working class background. The share price performance of ITV is disappointing, but we said we were happy to hold it for the long term. RACHEL RICKARD STRAUS asks: Is the gender pay gap the real reason women invest less than men? 'Younger people who have grown up with Sky see it as part of their lives,' he says. Sitemap | But my brother and sister are still up there and we're a close family - that's incredibly important to me. The view of an industrial estate from Jeremy Darroch's office window on a wet weekday is hardly inspiring, but he is excited by the sight of the huge building being built a few hundred yards away. 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Sky was founded by a billionaire with an acute understanding of the values of ordinary customers, so despite earning £1.96m a year, Darroch is in tune with the company ethos. We are no longer accepting comments on this article. If Sky retains the Premier League rights, for which it paid £1.3bn for three seasons (sharing them with Setanta), it may have to offer them to its rivals. Some predecessors made spectacular fortunes at Sky, but the chances are that Darroch may be better value for money. But Darroch made it clear that spending more on original drama would not mean the company would scale back on sports rights or acquisitions. Your California Privacy Rights / Privacy Policy. U.K. operation BSkyB took control over both Sky Deutschland and Sky Italia last year from Rupert Murdoch's 21st Century Fox and has merged the companies under the single Sky label. Failure could mean the new building in Isleworth, west London, would have an embarrassingly large amount of space to let. We thought there was potential there - clearly, we don't want to sell.'. Scottish Mortgage's Tom Slater on how the growth star investments, 'It's a vast area of change': We meet a food fund manager. He said he had just signed off on “seven or eight” new commissions that would have a pan-European bow. “While we have more than 20 million subscribers (in Europe), there are something like 60 million homes (in the three territories) that currently aren't paying for premium TV. by It seems we can’t find what you’re looking for. Northumberland-born Darroch, a Newcastle United fan, has been married to Rachel, a GP, since 1987. No comments have so far been submitted. The move to pull the invitation comes as Trump tweeted his government "will no longer deal with" Darroch following the publication this weekend of leaked cables and memos in which the ambassador derided the U.S. president. How will stock markets handle a second wave of lockdowns? Mnuchin is hosting the dinner for Sheikh Tamim Bin Hamad Al Thani the night before the emir meets on Tuesday with Trump at the White House. Investigation reveals makers of Bond film franchise received more than £100m in tax subsidies in UK but pay little corporation tax here, MIDAS SHARE TIPS: Help to save at risk babies - and grow profits - by investing in AIM-listed firm Inspiration Healthcare, Will your smart gas meter suddenly die when you're cooking a Christmas turkey? Darroch says: 'We wholesale some of our channels already, so we're not afraid of that. James Murdoch was only 30 when he took over five years ago. Jeremy Darroch Sky plots 32-acre film and TV studio at Elstree Sky is developing a 32-acre film and TV studio at North London’s Elstree, set to bring about more than 2,000 jobs and a £3bn ($3.8bn) production investment to the UK creative sector. The Hollywood Reporter, LLC is a subsidiary of Prometheus Global Media, LLC. Trump made the announcement in the second of two tweets criticizing outgoing U.K. Prime Minister Theresa May for her handling of Brexit. If you follow the customer you should be OK.'. Ambassador Kim Darroch was disinvited from a dinner that U.S. Treasury Secretary Steven Mnuchin is hosting Monday with President Donald Trump and the emir of Qatar, according to a U.S. official. 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TWITTER The approachable but coolly rational Sky boss shows little sign of pressure, however. Why not be the first to send us your thoughts, “The transactional business, for example, digital DVD rentals and sales, is one where we haven't been that active but I think we could make a major impact.”. By its own estimate, Sky is already Europe's leading investor in television content, with a combined program budget of some $7 billion. How to invest through a crisis like coronavirus and protect your money? Sky chief executive's pay quadruples to £16m. As Michigan’s Governor, Gretchen Whitmer is committed to solving problems for Michiganders across the state. He noted that Fortitude brought new viewers to its drama channel, Sky Atlantic, that were not familiar with the networks. 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