BSkyB Achieves Complete Control Of Open

BSkyB has completed the acquisition of British Interactive Broadcasting Holdings Ltd (BiB), giving it 100% ownership of the company which owns and operates the Open interactive TV service. The transaction has come about as a result of BT’s decision to exercise its option to exit BiB following BSkyB’s acquisition of the shareholdings of HSBC and Matsushita (see BSkyB To Cease Analogue Broadcast This Summer).

Jon Florsheim, managing director of Sky interactive commented: “The acquisition of BiB will allow Sky to take full control of its interactive future, and we will not be able fully to consolidate all of our interactive assets, including BiB, in the interactive division.”

The terms of the agreement will see BSkyB initially issue 19.1m new shares in 45 days’ time in consideration for BT’s 19.9% shareholding in BiB. The total number of new BSkyB shares initially being issued to BT, HSBC and Matsushita for the acquisition is 39.7m, or approximately 2% of the fully diluted market capitalisation of BSkyB.

By 10am today, shares in BSkyB had fallen 2.34%, or 18p on yesterday’s closing price.

BSkyB: 020 7705 3000 www.sky.com

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