Sky duo bag £12.8m bounty

THE two most senior executives at BSkyB are set for a £12.8m windfall after selling shares in the satellite broadcaster.

Chief executive Tony Ball and chief financial officer Martin Stewart sold 1.2m shares and 600,000 shares respectively at 710 1/2p a share.

The shares were awarded to them over the past year as part of the company's long term incentive plan.

The sale comes just a day after the company, in which Rupert Murdoch's media group News Corp holds 35.4%, reported a net profit of £190.3m for the year to 30 June, compared with a loss of £1.4bn a year earlier.

Analysts have today been raising their earnings forecasts for the company, with many recommending the stock as a buy. The shares fell 5p to 704p.

News Corp has returned to the black with a quarterly net profit despite sharp revenue declines at its UK newspaper business.

It reported a fourth-quarter net profit of $370m (£231m), bolstered by a net gain from asset sales of $50m. That compared with a loss in the fourth quarter last year of $1.74bn. The UK newspaper division - which includes The Sun - cost News Corp an estimated £40m in the first half due to a bitter price war with the Daily Mirror.