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STARHUB'S share price has hit an almost nine-year low as news emerged that it will no longer be screening offerings from the Discovery brand due to an impasse in negotiations between the two.
As at 2.42pm on Thursday, StarHub's share price of S$1.93 was plumbing depths not seen since late November 2009. The stock is down 3.5 per cent on the day, with heavy trading of some 16.26 million shares.
The stock was trading at S$1.92 in early trading on Thursday, but had recovered slightly after the lunch break.
It has been falling since May 30 when Discovery channel announced that all 11 Discovery channels will be pulled from StarHub's offerings as the telco was "not prepared to pay fair value" for the content.
After June 30, StarHub television subscribers could lose seven popular lifestyle channels including Discovery Channel, Animal Planet and TLC.
Then, after Aug 31, four more channels including Food Network, HGTV and Asian Food Channel could also be gone.
"We have a responsibility to now take the extraordinary step of informing our viewers that they may lose all the Discovery channels they are paying for on StarHub," Discovery said in a statement at the time.
In response, a StarHub spokesman said that the pay-TV operator is in renewal negotiations with Discovery and "are doing everything possible to arrive at a deal which would allow Discovery and StarHub to continue our partnership while offering our customers the same content at a reasonable price".
StarHub added it was "acquiring fresh replacement content in the event that negotiations prove unsuccessful".
https://www.businesstimes.com.sg/companies-markets/hot-stock-starhub-share-price-hits-9-year-low
As at 2.42pm on Thursday, StarHub's share price of S$1.93 was plumbing depths not seen since late November 2009. The stock is down 3.5 per cent on the day, with heavy trading of some 16.26 million shares.
The stock was trading at S$1.92 in early trading on Thursday, but had recovered slightly after the lunch break.
It has been falling since May 30 when Discovery channel announced that all 11 Discovery channels will be pulled from StarHub's offerings as the telco was "not prepared to pay fair value" for the content.
After June 30, StarHub television subscribers could lose seven popular lifestyle channels including Discovery Channel, Animal Planet and TLC.
Then, after Aug 31, four more channels including Food Network, HGTV and Asian Food Channel could also be gone.
"We have a responsibility to now take the extraordinary step of informing our viewers that they may lose all the Discovery channels they are paying for on StarHub," Discovery said in a statement at the time.
In response, a StarHub spokesman said that the pay-TV operator is in renewal negotiations with Discovery and "are doing everything possible to arrive at a deal which would allow Discovery and StarHub to continue our partnership while offering our customers the same content at a reasonable price".
StarHub added it was "acquiring fresh replacement content in the event that negotiations prove unsuccessful".
https://www.businesstimes.com.sg/companies-markets/hot-stock-starhub-share-price-hits-9-year-low
