New Morningstar Analyst Report for Sky Network Television Limited

Sky Network Television, or Sky TV, is the only pay-TV provider in New Zealand, catering to nearly half of New Zealand's population. The company's existing dominance and scale, thanks to high market share and exclusive content, deters potential new entrants, providing the company with a sustainable competitive advantage and a wide moat. The company's business is reasonably stable and has, to a great extent, been immune to economic cycles, although there have been periods when subscriber acquisitions have slowed. This is testament to the firm's ability to provide superior content to viewers at a reasonable price, thereby ensuring that churn is kept to a minimum.