SBS stocks up 1.5% after SBS shares gain 6%
SBS stock has gained more than 6% after the broadcaster said it had secured $3.3 billion for its future.
The broadcaster said the money would support “a new SBS Vision 2020” to bring the network into “future” format and to make the network “a world leader in digital”.SBS Vision is a new model of television broadcasting and will allow SBS to deliver original programming on mobile devices and in a variety of formats including television, digital, digital-only and online.SBS has been battling with digital competitors in the digital world and is currently looking at a variety to support its strategy.
The network’s parent, The Walt Disney Co, also said in December that it would be introducing new digital services to help increase its revenue.
The SBS said in a statement that the funds would be used to “increase our digital content, digital capabilities, and digital services”.
It also said it was working to “build a digital strategy that is at the forefront of media and communications” and that it was “working to accelerate its digital strategy”.