Comcast-owned Sky to splurge over $1 billion a year on making original movies, TV shows

Comcast Corp.-owned Sky will double the budget for creating its own movies and television shows to about $1.3 billion over the next five years, Sky said on Wednesday.

Comcast acquired UK-based pay-TV operator Sky for $40 billion in 2018. Comcast, the nation’s largest cable-TV and residential internet provider, has said it will launch a streaming service with Sky and Comcast-owned NBCUniversal.

Sky’s announcement comes as Netflix is spending billions of dollars on original entertainment to satisfy its tens of millions of subscribers, and the Walt Disney Co. is launching streaming services with its original movies and content.

Sky Studios will produce and develop original content across all genres, with a focus on drama and comedy, the company said. In July, production will begin on Sky Studios’ six-part drama called The Third Day, a co-production with HBO, Sky said. It will star Jude Law.

The $1.3 billion is based on Sky’s previously reported current budget for original content.

“This is a transformational development for us. Sky Studios will drive our vision to be the leading force in European content development and production,” Sky chief executive Jeremy Darroch said in a statement.