Cable Company Takes Stake In HTV

HTV has today announced that, subject to shareholders approval, Flextech will take a 20% stake in HTV for £27m. Flextech provides cable and satellite broadcasting throughout Europe, including five channels from the Sky Multi-Channel’s package. This is the first alliance in Britain between terrestrial and non-terrestrial operators.

The deal should help HTV achieve one of its goals, said chairman of HTV, Louis Sherwood, “that of forging alliances which will allow our television business to grow beyond the limits of the ITV franchise”.

HTV also announced preliminary results today, for the year ending December 31 1993. Pre-tax profits were £3.3m, compared to a loss of £20.5m for 1992). HTV’s share of ITV net advertising revenue increaseed to over 6.1%, compared to 5.7% in 1992, representing income of £85.6m.

… The MAI bid for Anglia Television has been confirmed with the announcement that the offer has been accepted unconditionally. The acceptance from 81.32% of shares means that the offer can be confirmed although the offer will officially be approved at the Extraordinary General Meeting on February 22nd.

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