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
Netflix offers a bunch of popular movies, Netflix originals, new TV shows, and documentaries in the month of December 2016, including the second season of the hit sitcom 'Fuller House' and 2016 blockbuster 'Captain America: Civil War', as all are getting ready for the holidays. SpaceX, the space transport company of Tech entrepreneur Elon Musk, is likely to launch its first Falcon 9 rocket since September's launchpad explosion on December 16. SpaceX's satellite launch customer Iridium Communications Inc. announced Thursday that its next-generation global satellite constellation, Iridium NEXT, will be launched on SpaceX's Falcon 9 rocket. Bank holding company Wells Fargo & Co., amid struggles to re-establish itself after the fake-account scandal, on Thursday said it has separated the roles of the Chairman and Chief Executive Officer formally, by amending the company's By-Laws. The amendment is also for the Chairman and Vice Chairman of the Board to be independent directors. The amendments were effective immediately.
comments powered by Disqus
Follow RTT