Sky Italia saw operating losses of €690 million in the financial year 2020, impacted by the effects of the pandemic, reports Italian daily Italia Oggi.
Contributing to the lacklustre performance was the decline in revenues and services, dropping from €3.27 billion in 2019 to €2.88 billion in 2020.
Turnover was affected by a reduction in subscription revenues (-€178 million), equipment installation and rental revenues (-€44 million), as well as a decline in advertising revenues (-€171 million).
In the same period, net financial debt went up from €1.26 billion to €1.63 billion.
The negative result reduced the Italian pay-TV operator’s share capital, forcing parent Sky Italian Holdings (part of Comcast Corporation) to provide €1.34 billion in additional financing, according to La Repubblica.
To add insult to injury, Sky Italia this year lost the exclusive Italian TV rights to most of the Serie A football matches to DAZN.