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
Chipotle Mexican Grill (CMG) is giving away free food and drinks this September as the restaurant chain still struggles to boost its sales that has been sluggish after outbreaks of E.coli, salmonella and norovirus at its restaurants. The chain is offering free kids meals every Sunday in September... It seems that Colonel Sanders' nephew unknowingly disclosed the secret blend of 11 herbs and spices behind KFC's fried chicken, which the food chain touts as the most heavily-guarder food recipe in the world. However, KFC executives refutes the report and insist that its 11-spice "Original Recipe"... QSR Brands, Malaysia's largest fast food operator, is planning for an initial public offering worth more than $400 million, according to the Wall Street Journal.
comments powered by Disqus
Follow RTT