logo
Share SHARE
FONT-SIZE Plus   Neg

Discovery Communications Out Of Bidding Process For UK's Channel 5 : Reports

Billionaire John Malone's Discovery Communications Inc. (DISCA,DISCB, DISCK) dropped out of the bidding to acquire U.K.'s Channel 5, according media reports citing a person with knowledge of the matter.

Discovery led a joint bid for Channel 5 with satellite-TV provider British Sky Broadcasting Group PLC (BSY.L, BSYBY.PK). The companies submitted an offer of about 350 million pounds or $588 million for the broadcaster in the second bidding round, far below the asking price, reports said. Channel 5 is owned by Richard Desmond's Northern & Shell.

It is unclear which companies remain in the hunt for the U.K. broadcaster, whose programming lineup includes "Big Brother" and crime series "NCIS." Several other U.S. media companies showed interest early on in the auction but have since exited the process, the reports said.

Channel 5 was bought by media businessman Richard Desmond for about 104 million pounds in 2010.

The reports indicated Desmond initially sought more than 700 million pounds for the station. He also considered an initial public offering instead of selling.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The Federal Communications Commission or FCC will not take any action against CBS Corp.'s "Late Show with Stephen Colbert" despite receiving thousands of complaints about the talk show comedian's controversial joke about President Donald Trump. The U.S. government filed a civil lawsuit on Tuesday against Fiat Chrysler Automobiles, accusing the automaker of installing software in more than 100,000 diesel vehicles to cheat emission controls. The lawsuit alleges that Fiat Chrysler equipped nearly 104,000 light duty diesel vehicles containing 3.0 liter EcoDiesel engines with software functions that were not disclosed to regulators. A college degree is a necessity for a rewarding, well-paying job with possibility for career advancement and also for entry into most professional careers. On average, college graduates earn much more than high school graduates throughout their lifetime. In addition to the earnings potential, students...
comments powered by Disqus
Follow RTT