Sky TV NZ focused on Discovery integration, WBD exec Juliet Peterson joins as chief business officer

New Zealand broadcaster Sky Network Television is focusing on integrating the recent acquisition of rival platform Discovery NZ, now Sky Free, and has signalled that it is pausing any further capital management actions in the short term.

Juliet Peterson

Sky TV CEO Sophie Moloney delivered an acquisition update today as part of the delivery of its annual results, which reflected a drop in net profit of 58%, falling from NZ$49.2m (US$28.6m) last year to NZ$20.6m for the current period. The network delivered revenue of NZ$750.7m for the full year, down from NZ$766.7m the previous year.

“Three weeks in, we’re excited by the opportunities the acquisition of Sky Free unlocks. It positions Sky to scale faster and to grow and further diversify our revenue streams, particularly in advertising and digital, and it delivers some of the ‘missing pieces’ for our future success, including the successful and growing BVoD service ThreeNow,” Moloney said.

She explained that the successful integration of Sky and Sky Free is the key priority for the network in the year ahead, with the company strongly focused on optimising the synergies the acquisition presents.

Meanwhile, former head of Warner Bros Discovery ANZ networks, Juliet Peterson, has been appointed to the newly created role of chief business officer, effective September 1.

In her new position, she will oversee Sky’s advertising revenue and B2B activities, including the Sky Free channels and services, Sky Sales and the Sky Business team, which delivers Sky services to hospitality and accommodation clients across New Zealand.

Additionally, Reuben Wirem has been seconded to Sky Free in another new role – senior director of creative, marketing and publicity. Supporting Wirem in developing and implementing Sky’s trade marketing strategy across advertising channels, former Foxtel executive Jennifer Connelly joins as trade marketing lead.

The broadcaster also announced that it had signed a new five-year partnership with New Zealand Rugby. Sky Sport Now is a core growth engine for the network with revenue growth of 16% in the last full year.

Moloney said the results reflected a number of challenges, with the economic downturn putting pressure on consumer discretionary spending, as well as costs associated with a difficult satellite migration.

But securing key content rights, increasing advertising market share and introducing new features like digital ad insertion for Sky Sport Now has provided significant user uplift across the platform, she added.

The company forecast that in the full year ending in 2026, Sky Free is expected to deliver positive proforma underlying free cash flow, with an 11 month gross revenue contribution of approximately NZ$85m. By full year 2028, Sky sees potential for at least $10m per annum of incremental earnings before interest, tax, depreciation and amortisation on a group basis.