Your forum username:
Do you already have an account?
Forgot your password?
  • Log in or Sign up


    Welcome to Sky User - The Unofficial Support Forum for everything Sky! - Proudly helping over 63k members.


    Advertisement

    Results 1 to 4 of 4

    ITV rejects merger move from NTL

    This is a discussion on ITV rejects merger move from NTL within the Sky news and announcements forums, part of the SkyUser Announcements category; ITV has rejected a merger proposal from the cable firm NTL, and has given details of what NTL was offering. ...

    1. #1
      NewsreadeR's Avatar
      NewsreadeR is offline Site Founder
      Exchange: Marshalls Cross
      Broadband ISP: Sky Broadband Unlimited
      Router: Sagem F@ST 2504n
      Sky TV: Sky+HD box
      Join Date
      Aug 2006
      Location
      St Helens
      Posts
      22,206
      Thanks
      108
      Thanked 366 Times in 300 Posts
      Blog Entries
      48

      ITV rejects merger move from NTL

      ITV has rejected a merger proposal from the cable firm NTL, and has given details of what NTL was offering.

      ITV said there was little strategic logic for it to combine with NTL,and that offer materially undervalues ITV".

      Satellite broadcaster BSkyB shocked the financial world on Friday by buying a 17.9% stake in ITV for 940m.

      NTL's largest shareholder, Sir Richard Branson, attacked the power of Mr Murdoch, the owner of BSkyB, and urged the government to "stand up" to him.

      He said Mr Murdoch's media empire meant he had the power to choose the country's Prime Minister and the extent of his ownership meant "we have got rid of democracy in this country".

      Earlier he had called on the Office of Fair Trading to intervene and force BSkyB to sell its stake saying it was a "blatant attempt to distort competition."

      Ofcom probe

      Ofcom now says it has asked both ITV and BSkyB to comment on whether they think BSkyB's share acquisition represents a change of control in one or more of the licences held by ITV.

      The regulator says it would normally aim to decide on whether there had been a change of control within six weeks.

      BSkyB has said it had done nothing wrong. Current UK media ownership rules mean the satellite broadcaster is prevented from controlling more than 20% in ITV.

      Careful scrutiny

      The NTL proposal to merge with ITV, made on 9 November, had been conditional on due diligence, on approval of the ITV Pension Scheme Trustees, and on regulatory clearance.

      The board of ITV met on Monday to consider the proposal, which had been "thoroughly analysed" by its advisers.

      NTL had offered 105p in cash, and new NTL shares worth 17p, for each ITV share.

      But ITV said that after detailed and careful consideration it had unanimously decided to reject the merger.

      An ITV statement said: "The board believes that whereas there is obvious appeal to NTL in gaining control of ITV's substantial and successful business, from ITV's perspective there is little, if any, strategic logic for ITV to combine with NTL."

      Advertising pressures

      Sir Richard became a 10.5% shareholder in NTL when he sold Virgin Mobile to the firm earlier this year and NTL plans to change its name to Virgin Media early next year.

      ITV is the UK's largest commercial broadcaster offering free-to-air services.

      But it has been under pressure after being hit by falling ratings and declining advertising revenue. It is also without a chief executive.

      Earlier in the year, other private equity groups were reported to be preparing a bid for ITV.



      from BBC News at bbcnews.com Full Article @ http://news.bbc.co.uk/1/hi/business/6169052.stm
      Last edited by NewsreadeR; 21-11-06 at 03:41 PM.


      ~ Never, ever, argue with an idiot. They'll drag you down to their level and beat you with experience ~


      Follow us on Twitter @skyuser


    2. Advertisement
    3. #2
      Keiran2K8's Avatar
      Keiran2K8 is offline Skyuser Serial Spammer
      Exchange: Redditch
      Broadband ISP: Max & VM VIP-85 & Be* Pro
      Router: Sagem F@ST 2504
      Sky TV:
      Join Date
      Oct 2006
      Location
      Redditch, WestMidlands, England, UK
      Posts
      3,763
      Thanks
      0
      Thanked 1 Time in 1 Post
      Blog Entries
      3
      Seems that Mr Branston is gettin real worried!

    4. #3
      SatDish's Avatar
      SatDish is offline Site Founder
      Exchange: Gravesend, NDGRA
      Broadband ISP: Virgin XXL 152
      Router: Non Sky Router
      Sky TV: Yes
      Join Date
      Aug 2006
      Location
      Kent, UK
      Posts
      5,194
      Thanks
      42
      Thanked 41 Times in 28 Posts
      Blog Entries
      1
      whats cross and blackwell got to do with it ?

      i think it about time Sir Richard realises he done a deal with a dead horse (so to speak) >>
      NTL shares worth 17p
      Last edited by SatDish; 21-11-06 at 04:20 PM.
      "To help would be a great adventure"
      Listen to the all new 24hr SkyUser Radio http://www.skyuserradio.co.uk/



      Come join us for a game @ TeamSkyUser

    5. #4
      Guesswot's Avatar
      Guesswot is offline Sky User Member
      Exchange: WWNABB
      Broadband ISP: Be & 3 mobile
      Router: Non Sky Router
      Sky TV: Sky+HD, FreeSat
      Join Date
      Sep 2006
      Location
      Devon
      Posts
      91
      Thanks
      0
      Thanked 0 Times in 0 Posts
      Never mind all that. I am having to wait for twelve months plus to get Max. So it is all immaterial to put it very mildly.
      "the moving finger, having writ, moved on"

     

     

    Tags for this Thread

    Posting Permissions

    • You may not post new threads
    • You may not post replies
    • You may not post attachments
    • You may not edit your posts
    •  
    SkyUser - Copyright © 2006-2014. SatDish and NewsreadeR | SkyUser is in no way affiliated with Sky Broadband / BSkyB
    RIPA NOTICE: NO CONSENT IS GIVEN FOR INTERCEPTION OF PAGE TRANSMISSION | SEO by vBSEO