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Sky TV is the pre-eminent pay television broadcasting service in New Zealand. It is listed on NZX and the ASX and had a market capitalisation as at 30 June 2010 of NZ$ 1.8 billion based on a share price of NZ$ 4.69 at that time. SKY’s principal business activity is the distribution of both local and foreign programme content to its subscriber base, predominantly through a digital satellite network. SKY’s revenue, NZ$ 742 million for the year ended 30 June 2010, is principally derived from monthly subscription fees (approximately 85%), installation fees and other revenue including advertising sales and the on-sale of programme rights.