INL looking for Sky TV to be cashflow positive in 2004

By NZPA

Wednesday 30th October 2002

Independent Newspapers Ltd chairman Ken Cowley told shareholders at the publishing company's annual meeting today that two thirds owned Sky TV was on track towards positive cashflow in fiscal 2004.

He said Sky was set to reduce bottom line losses in fiscal 2003 and be profitable in 2004.

INL, 45 percent owned by Rupert Murdoch's News Ltd, said its core publishing company was performing strongly.

Mr Cowley did not believe continuing rumours that Telecom might sell its 10 percent stake in INL and, or, its 12 percent stake in Sky TV was the reason for INL's weak share price. He cited a worldwide falloff in media stocks as the main factor.

INL shares were up 3 cents at $3.03 today, having fallen from $4.20 in March.

INL's new chief executive Peter Wylie stressed the importance of INL having a stake in all parts of the media.

"New media has always been a threat to newspapers...the secret is you must have a share of the entire media action and you must dominate it."

Mr Cowley stressed the company's value as a national advertising vehicle and said it would look for cost reductions, synergies, and better use of its printing presses and other plant to improve performance.

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