Bidder tunes into SelecTV
Pearson denies bid for Telegraph but likely to extend its TV interests
Friday 13 October 1995
SelecTV, the independent producer, is in talks with an unnamed bidder that may lead to a takeover, the company confirmed yesterday.
City analysts speculated that Pearson, which publishes the Financial Times, and Associated Newspapers, publishers of the Daily Mail, could be buyers.
The news came on a day of intense rumours in the market, with the Telegraph group, Pearson and Mirror Group all the subject of bid speculation.
Pearson denied that it planned a bid for Conrad Black's 58 per cent stake in the Telegraph but refused comment on speculation it might be among the potential buyers of SelecTV. Senior executives at the Telegraph did not return calls last night, but the market expects some activity today in Telegraph shares, and moved on from Pearson to Mr Black himself as a possible buyer.
A proposed offer by Mr Black's Hollinger to buy out minority Telegraph shareholders failed earlier this year when independent directors could not agree a price. Mr Black had been willing to pay up to 470p a share, compared with the close last night of 336, up 6 on the day.
It was also rumoured Mr Black was preparing to exercise an option over 5 per cent of Telegraph shares held by Lord Hartwell, for pounds 30m.
SelecTV, makers of the hit series Birds of a Feather, also operates its own cable channel and has a stake in Meridian, the ITV broadcaster for the South and South-east. It owns 20 per cent of UKTV, the highest bidder in the auction for Channel 5, due to be awarded within weeks.
There is speculation that Pearson, also in a consortium bidding for Channel 5, may be interested in SelecTV's production arm, to complement Thames and Grundy, its independent producers.
There were rumours early in the day that MAI, which holds 61 per cent of Meridian and is a partner of Pearson in its Channel 5 bid, might be interested in consolidating its Meridian holding. But insiders denied any involvement. The Pearson bid made more sense, according to analysts.
- 2 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 3 Gamers confess the worst things they've done in The Sims
- 4 6-year-old writes ice cold Valentine's card to his stepmother
- 5 Syrian child photographed 'surrendering to camera because she thought it was a gun'
Rape threats, death threats and a police investigation after video poking fun at an Islamic Party in Malaysia goes viral
Why Robin Williams safeguarded himself against a morbid trend in advertising
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Jeremy Clarkson to become 'special adviser on transport' to David Cameron
Exploding head syndrome: One-fifth of US college students suffer from ailment, study finds
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...