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Sky sells controlling stake in betting business to CVC

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Credit: Reuters/Toby Melville


A British Sky Broadcasting Group (BSkyB) logo is seen at the company's UK headquarters in west London July 25, 2014.


Sky, which operates in Britain, Italy, Germany, Austria and Ireland, said it would receive 600 million pounds in cash at completion and would retain a stake of around 20 percent in Sky Bet.


It could also receive extra funds based on CVC receiving a certain return on its investment.


(Reporting by Kate Holton; Editing by Neil Maidment)


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