Sky has reportedly reiterated its commitment to providing broadband services over the CityFibre network as the altnet continues in its pursuit of £1.5 billion in new funding.
According to the Financial Times, Sky met CityFibre lenders last week to confirm plans to move customers to the network next year. These include NatWest and ING.
Sky currently has 5.7 million broadband customers, but instead of running its own infrastructure, it leases capacity from BT Openreach. By partnering with CityFibre, Sky will not only be able to move some of its customers to the network, but also create a marketing opportunity in areas where CityFibre provides higher speeds than its incumbent rival.
Announced last August, Sky’s Full Fibre Broadband is expected to be available on CityFibre’s full fibre network from later this year and will include over 1.3 million homes in hard-to-reach areas through CityFibre’s extensive participation in the Government’s Project Gigabit Programme.
CityFibre has £3.9 billion of debt and has previously said that without fresh funds it would run out of cash by mid-2025.
It is anticipated that new equity and debt financing will be secured over the next couple of months.
