ITC seeks 'no collusion' assurance
Thursday 25 May 1995
The ITC is also requiring undertakings that no agreement was reached regarding any subsequent bid should it reopen the auction at a later date. The undertakings must be signed by board members and returned to the ITC by early June.
The request followed weeks of speculation surrounding the dead-heat bids of pounds 22,002,000. Virgin and Channel 5 Broadcasting have said they would fully co-operate with the ITC. Channel 5 Broadcasting has launched its own inquiry into the role played by Coopers & Lybrand, which acted as reporting accountants for the consortium. A media group within the management consultancy arm of the firm advised Virgin TV.
Speculation about the identical bids prompted the ITC to seek assurances in advance of announcing whether a second round of bidding would be necessary. A re-bid would only be launched if UKTV, the Canadian-led consortium that made the highest cash bid, pounds 36m, was disqualified on the basis of the viability of its business plan or for failure to meet programming quality threshholds.
Channel 5 Broadcasting is owned by media and information company Pearson, media and financial services holding company MAI, European broadcaster CLT and Warburg Pincus. The Virgin TV consortium includes Richard Branson's Virgin Group, electronics company Philips, Paramount Television, HTV, and Associated/Associated-White Rose.
A fourth contender, New Century Television, bid only pounds 2m, and would not be asked to re-bid in a second round. It included BSkyB, the satellite television channel 40 per cent owned by Rupert Murdoch's News International, television and leisure group Granada, music company PolyGram, European broadcaster Kinnevik and Goldman Sachs.
Undertakings sought by the ITC
1. That management did not discuss the terms of the bid with anyone outside the consortium and its advisers;
2. That the amount of the cash bid was not determined in league with other bidders;
3. That the amount of the cash bid was not disclosed at any time before it was lodged with the ITC;
4. That no agreement was reached with any group under which that group would refrain from entering the bidding;
5. That no agreement was reached with any group under which that group would subsequently withdraw from bidding;
6a. That no agreement was made with any group about the level of any cash bid should there be a rebidding for the licence;
6b. That no agreement was reached with any group about the terms of any rebidding.
Swedish stars ask fans for £195 pledges on crowd-funding website
sportNapoli 2 Arsenal 0: Gunners must now face either Real Madrid, PSG, Bayern Munich, Atletico Madrid or Barcelona in knock-out stages
musicAs Mariah Carey and Noddy Holder rake in the royalties from their classics, why there hasn't been a decent festive hit for 20 years?
theatreAuthor Daniel Rosenthal recalls the mishaps that almost brought the curtain down on the likes of John Gielgud and Diana Rigg
lifeFull of the joys and want to help your fellow man? December isn't the time to do it
lifeAs the Royal Mail plans to phase out deliveries on two wheels, it's no wonder posties are in a spin
techLuke Blackall reports on precision engineered prams and babygros that monitor your child 24-7
Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute
The ten coldest places on Earth
Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Nelson Mandela memorial: Cheers, jeers and a masterclass from Barack Obama that stole the show
- 1 Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute
- 2 It’s shameful that our universities have accepted gender segregation under pressure from the most oppressive religious fanatics
- 3 Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
- 4 Exeter to Edinburgh and back in a day: How one fresher's lost bet left him facing a 900-mile round trip
- 5 Selfie at funeral: Cameron squeezes in on Obama snap at Mandela memorial
- < Previous
- Next >
iJobs Money & Business
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
£70000 - £90000 per annum + BONUS + BENEFITS: Harrington Starr: A leading mark...
£60000 - £80000 per annum + benefits + bonus: Harrington Starr: Product Specia...
£50000 - £60000 per annum + benefits + bonus: Harrington Starr: Business Analy...