Carlton to sell Zenith subsidiary
The Broadcasting Act states that a television broadcaster may not own more than 20 per cent of an independent producer.
Hambros, the bank acting for Carlton in the sale, is negotiating with two interested buyers for Action Time, which specialises in game shows and light entertainment programmes. A price of pounds 6m is expected.
The rest of Zenith is likely to be sold to the management, led by Charles Denton, for a few thousand pounds. The deal will end speculation over the future of Zenith, which is 51 per cent owned by Carlton and 49 per cent by Paramount, the United States group.
Paramount and Carlton had hoped that Zenith would be floated on the stock market, and Hoare Govett was approached. However, the marketing of Zenith has been hampered because it is loss-making. Action Time has been consistently profitable.
Though Zenith operates as an independent production company, its shareholding structure has meant that it is not considered an independent producer under the Broadcasting Act. In the past it has benefited from ITV companies licensing programmes to it to cut costs.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...