Paul Bustin set to be worth £100m after flotation of Static

A former television executive will be worth up to £100m when his interactive television business floats on the stock market later this year.

A former television executive will be worth up to £100m when his interactive television business floats on the stock market later this year.

The company, Static 2358, is expected to be valued at £350m to £450m. Paul Bustin, a former executive with the Asian satellite television company Star TV, paid £32,000 for his 25 per cent stake in Static two years ago.

Static had been due to float in May but the offer was postponed because of the turbulence in the market and the fall in new technology stocks. At the time it was valued at £175m to £200m.

Since then, however, it has secured new contracts with the French company Canal Plus and Ted Turner's television group, boosting its value. Static already had a deal with Rupert Murdoch's BSkyB and also with the French satellite television company TPS.

Static provides a range of content for interactive television, including games, documentaries, entertainment and travel. Its Playjam service, an interactive games channel, is about to launch on BSkyB.

HSBC, the company's adviser, hopes to float the business as soon as November, although a fall-back date of January or February next year has also been pencilled in.