Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

Billionaire John Malone's Discovery Communications Inc. (DISCA: Quote,DISCB: Quote, 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.

Click here to receive FREE breaking news email alerts for Discovery Communications, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Incumbent Colorado Sen. Mark Udall, D-Col., trails his Republican challenger in the latest Quinnipiac University poll, with more than a third of likely voters describing their U.S. Senate vote as a vote against President Barack Obama. A bipartisan coalition in the House voted Wednesday evening to approve a measure providing the U.S. military with the authority to train and arm moderate Syrian rebels against the terrorist group known as the Islamic State. The House voted 273 to 156 in favor of the measure, which was attached to a larger spending bill to temporarily fund the government. After moving mostly higher early in the session, stocks have continued to perform well over the course of the trading day on Thursday. The gains on the day have lifted both the Dow and the S&P 500 to new record intraday highs.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.