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In page News Corporation:

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By 1992, News Corp had incurred large debts, which forced it to sell many of the American magazine interests it had acquired in the mid-1980s to K-III Communications (now Rent Group), as well spinning off long-held Australian magazines interests as Pacific Magazines. Much of this debt came from its stake in the Sky Television satellite network in the UK, which incurred massive losses in its early years of operation, which (like many of its business interests) was heavily subsidised with profits from its other holdings until it was able to force[citation needed] rival satellite operator BSB to accept a merger on its terms in 1990. (The merged company, BSkyB, has dominated the British pay-TV market since.)