Time Warner revealed as suitor for Shed Media

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Shed Media, the TV producer whose shows include New Tricks and Waterloo Road, yesterday confirmed that US giant Time Warner had approached it over a potential takeover.

Shed was forced to release a statement to the market that it was "in discussions" with Warner Bros Entertainment, a subsidiary of Time Warner, in response to reports over the weekend.

It revealed almost two weeks ago that a proposed management buyout, backed by private equity companies Bowmark Capital and Darwin Private Equity, had collapsed. The independent directors added that it had received an alternative offer, but declined to name the suitor. They had hoped to wait to provide more details until the forthcoming annual meeting.

Shed's statement cautioned yesterday: "There is no certainty that an offer will be made nor as to the terms on which any offer might be made".

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