Sky turned £800m loss into £253m profit ahead of hundreds of job cuts

MEDIA and telecoms group Sky bounced back from a near £800m loss to post a pretax profit of £253m in 2024, ahead of plans to shed hundreds of jobs.

- JON ROBINSON

Sky, which was acquired by American media corporation Comcast for £30bn in 2018, reported the turnaround after suffering a pretax loss of £773m in 2023.

Newly-filed accounts at Companies House reveal that its revenue rose from £10.2bn to £10.3bn.

Direct-to-consumer revenue for Sky increased from £8.5bn to £8.7bn, while content sales saw a slight rise from £527m to £529m.

However, advertising revenue dipped from £1.2bn to £1.1bn.

Sky attributed the increase in direct-to-consumer revenue to price hikes.

These results were released following recent reports that Sky plans to cut hundreds of jobs in the UK.