Media and telecoms group Sky bounced back from a near £800m loss to post a pre-tax profit of £253m in 2024, ahead of plans to shed hundreds of jobs.
Sky, which was acquired by American media corporation Comcast for £30bn in 2018, reported the turnaround after suffering a pre-tax 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, as reported by . 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 º£½ÇÊÓƵ.
The company is shifting its focus from introducing new products to improving existing services and competing with American streaming giants.
In March the group announced plans to overhaul its customer service operations, which meant some 2,000 jobs were put at risk as the company planned to close three of its ten call centre locations in Stockport, Sheffield, and central Leeds, with other roles likely affected at its Dunfermline and Newcastle call centres.
Sky, which employs around 23,000 people in the º£½ÇÊÓƵ, has already seen its workforce fall by about 3,000 roles since 2023, primarily traditional roles such as satellite dish installers, as the company transitions from satellite TV to broadband-based services.
The broadcaster intends to increase investment in its own programming, including production at its recently established Sky Studios facility in Elstree, as it seeks to strengthen its position against major American rivals.
Sky is poised to relinquish exclusive broadcasting rights for HBO programmes, including Game of Thrones and The White Lotus, by the close of 2025.
Nevertheless, the company has negotiated a long-term deal to provide HBO content through Warner Bros Discovery's HBO Max streaming platform.
The workforce reductions also align with wider strategic shifts, including the cancellation of Sky's premier business programme, Business Live, mere months after veteran presenter Ian King departed the show. Sky confirmed that business and economics reporting will persist throughout its television schedule, with current presenters being reassigned.
This development represents the latest element of a comprehensive strategic restructuring unveiled by chief executive David Rhodes in January, which has seen the channel pivot away from live and continuous news towards producing more "premium video" content alongside newsletters and podcasts.
The fresh approach – dubbed Sky News 2030 – represents an attempt to broaden the broadcaster's income sources beyond its conventional sponsorship and advertising channels, towards more profitable avenues such as subscription services and ticketed events.
