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Sky Deutschland will not need further new cash, says Sullivan

Pay-TV operator Sky Deutschland will be able to reach financial breakeven without a further injection of capital from its main shareholder News Corp, according to CEO Brian Sullivan.

Sullivan told the Reuters news agency that Sky Deutschland would take two to three years to restructure but that it would see a significant improvement in its performance in 2012.

Sky last month said it would raise at least €340m via a rights offering and bond issue to News Corp or a loan from the latter. Sullivan said that any further injection of capital would be necessary only if the company’s management had made the wrong assumptions in its forward planning or if there was an unforeseen investment decision in the future.