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SMG has taken the decision to sell its 27.8% stake in Scottish Radio Holdings to Emap in a deal worth £90.5 million. The shareholding was acquired for £150 million at the end of 2000 but SMG has opted to cut its losses and will put the proceeds of the sale towards debt reduction. SRH is… Continue reading SMG Sells Radio Stake To Reduce Debts

The reclusive Barclay Brothers look set to take control of the Daily Telegraph after agreeing a £260 million deal to buy the global newspaper group headed by troubled media mogul Lord Black. The billionaire brothers are understood to have reached an “irrevocable” agreement to take over Hollinger Inc, in a move that will see them… Continue reading Barclay Brothers Agree Telegraph Takeover Deal

Beleaguered cable operator Telewest Communications has announced the resignation of its group managing director, Charles Burdick, after less than two years at the company’s helm. Burdick, who steps down with immediate effect, will stay on as a consultant to the company until the completion of its financial restructuring, but will then relinquish his directorship to… Continue reading Burdick Steps Down As Telewest Managing Director

Kelvin MacKenzie’s Wireless Group is planning to strengthen its position in the UK local radio market with the acquisition of Forever Broadcasting for £8.1 million. The Wireless Group already controls 16% of Forever Broadcasting, which owns a handful of local radio stations including Tower FM in Bolton, Peak FM in Chesterfield and The Wolf in… Continue reading Wireless Group Secures Forever For £8.1 Million

UK terrestrial broadcasters Channel 4 and Five are believed to have held exploratory merger discussions within the last six months. Reports suggest that Channel 4 chief executive Mark Thompson and Lord Hollick, chairman of United Business Media, the minority shareholder in the Five network, have met to discuss the possibility of integration. It had been… Continue reading Channel 4 And Five In Discussions Over Possible Merger

US online retail sales increased by 25% to almost $56 billion in 2003, according to figures from BizRate.com. The shopping search engine estimates that American consumers spent a total of $18.38 billion online in the fourth quarter of which $8.59 billion was outlayed in the month leading up to Christmas. BizRate does not take into… Continue reading Ecommerce Sales Hit New High In 2003

Reuters said today that revenue declines at the company have slowed and management is satisfied that the period of contraction is over. The global information company saw revenues fall by around 11% last year as demand for subscription services slumped (see Reuters Results Better Than Expected). However, the decline is expected to be no more… Continue reading Reuters Sees Light At The End Of The Tunnel

Conrad Black’s position at Hollinger has become even more precarious following the resignation of a key executive this week. Peter Atkinson has stepped down from his role as a director and officer, becoming the latest in a line of board members to quit since a controversy over unauthorised executive payments erupted (see City News). It… Continue reading Prominent Director Quits Hollinger Post

The long awaited ITV merger looks almost certain to go ahead unchallenged after shareholders gave the deal their unanimous support in a series of extraordinary general meetings held yesterday. Almost all of Carlton and Granada’s investors voted in favour of the £5.4 billion merger that will see the creation of a single ITV company controlling… Continue reading ITV Merger Receives Final Green Light From Shareholders

Evidence of growth in the European digital TV market is reflected in interim results from Pace Micro Technology which show the company to be operating profitably again. A slump in sales of set-top boxes resulted in pre-tax losses of £16 million in the last financial year (to May 31 2003) (see Pace Sales Dip 40%… Continue reading Pace Rides The Digital Wave