 |
Press Releases
³ÉÈË¿ìÊÖ kicks off sale process for ³ÉÈË¿ìÊÖ Resources
|
The ³ÉÈË¿ìÊÖ has announced today that the process for the sale of its commercial subsidiary, ³ÉÈË¿ìÊÖ Resources Limited, has begun and an advertisement is to appear in the Financial Times, Times and UK trade magazine Broadcast on Thursday, 16 August. The sale is subject to the necessary approvals by the ³ÉÈË¿ìÊÖ's Executive Board and the ³ÉÈË¿ìÊÖ Trust.
Ìý
³ÉÈË¿ìÊÖ Resources is one of the UK's leading providers of broadcast production facilities and services, and consists of three divisions: ³ÉÈË¿ìÊÖ Outside Broadcasts, ³ÉÈË¿ìÊÖ Studios and ³ÉÈË¿ìÊÖ Post Production.
Ìý
The sale comes as a result of the Commercial Review whereby the Corporation reviewed all its commercial businesses. The Commercial Review team concluded that the ³ÉÈË¿ìÊÖ should only own commercial businesses that either export or exploit the ³ÉÈË¿ìÊÖ brand or content; whilst the services provided by ³ÉÈË¿ìÊÖ Resources are vital to the ³ÉÈË¿ìÊÖ, they do not need to be owned by the ³ÉÈË¿ìÊÖ anymore.
Ìý
The ³ÉÈË¿ìÊÖ has already sold ³ÉÈË¿ìÊÖ Broadcast to Macquarie.
Ìý
The ³ÉÈË¿ìÊÖ believes that the combination of ³ÉÈË¿ìÊÖ Resources under new commercial ownership and a continued partnership with the ³ÉÈË¿ìÊÖ will mean the Corporation can leverage its strong relationship and heritage with ³ÉÈË¿ìÊÖ Resources.
Ìý
A new owner will provide the profitable and cash generative business with further opportunities for growth, which are not available whilst it is owned by the ³ÉÈË¿ìÊÖ, balanced with the stability of ongoing contracts with the ³ÉÈË¿ìÊÖ.
Ìý
"We are committed to getting the best value for the ³ÉÈË¿ìÊÖ and licence fee payers, whilst putting staff interests at the heart of the process," said John Smith, Chief Executive, ³ÉÈË¿ìÊÖ Worldwide, and ³ÉÈË¿ìÊÖ Board Sponsor for the sale.
Ìý
Andrew Thornton, Project Director, ³ÉÈË¿ìÊÖ, who is leading the sale, commented: "This is a unique opportunity for any potential bidder; it's not everyday such a treasure trove of outstanding expertise and skills comes on the market. We are looking for a partner that will nurture this and continue to work closely with us to provide the unrivalled quality of services we need, as well as to capitalise on this in the wider industry."
Ìý
Mike Southgate, Chief Executive, ³ÉÈË¿ìÊÖ Resources, said: "³ÉÈË¿ìÊÖ Resources is full of talent, with a world-class reputation for understanding production values and programme making, both at the ³ÉÈË¿ìÊÖ and across the media marketplace. Taking our ³ÉÈË¿ìÊÖ heritage, the sale offers us the chance to grow the business and continue to lead the rapid changes taking place."
Ìý
It is expected that the sale of the business and transfer of ³ÉÈË¿ìÊÖ Resources staff to the successful bidder will take place by the end of March 2008, subject to contract negotiations and approvals.
Ìý
The ³ÉÈË¿ìÊÖ recognises the importance of staff in the sale process and will fully consult with the Unions and work closely with staff to achieve a smooth transition during this process.
Ìý
Notes to Editors
Ìý
About ³ÉÈË¿ìÊÖ Resources
Ìý
- ³ÉÈË¿ìÊÖ Resources is a profitable and cash generative business with revenues around £125m – spread evenly across the three divisions.
- ³ÉÈË¿ìÊÖ Outside Broadcasts: a large fleet of 15 television production units plus sound, support and communications vehicles and award-winning special cameras, operate out of self-contained premises in Langley. The division supports events from music festivals, drama productions and major state occasions, to Wimbledon, the Olympics and World Cup football.
- ³ÉÈË¿ìÊÖ Studios: equipped to the highest standard, 18 studios - located at Television Centre in London and Elstree (both currently owned by the ³ÉÈË¿ìÊÖ) - are amongst the most sought after and largest in the UK. The facilities, including two High Definition (HD) studios and the latest cameras, accommodate many of the UK's favourite TV programmes such as EastEnders and Friday Night With Jonathan Ross, as well as more complex productions such as Children in Need and the General Election.
- ³ÉÈË¿ìÊÖ Post Production: around 200 suites in Bristol, Birmingham and London, the UK's largest facilities of their kind. Offering an extensive range of services across Standard Definition and HD editing, audio and telecine, recent work includes: Planet Earth, Strictly Come Dancing and Match Of The Day.
- For more information and to view a five-minute show reel about some of the productions the company has recently supported: .
Ìý
³ÉÈË¿ìÊÖ Press Office
Ìý
|
Printable version