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City File: Thames TV

THERE WILL be no surprises in Thursday's results from Thames TV, which have been well telegraphed as pounds 45m of pre-tax profits before write- downs. In addition, the market should not be surprised if Pearson is in no hurry to unveil its long-awaited offer for Thames.

Not that Pearson has gone away. It is still talking, and is due to bid nearly pounds 100m for the company. Most people in the market think it is worth no more than pounds 50m.

With Thames shares at 179p, the group is valued at pounds 89m. There is little upside in Thames but lots of downside in Pearson.