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The fallout from the unsuccessful court action against Carlton and Guardian today resulted in the resignation of both the chairman and the chief executive of the Football League. Keith Harris and David Burns had come under fire following the failure to recoup £131 million from Carlton and Granada’s defunct pay-TV venture, ITV Digital (see League… Continue reading League Bosses Pay The Price For ITV Digital Defeat

According to a report in yesterday’s Mail On Sunday, Gerry Murphy, Chief Executive of Carlton, has expressed anxiety at the inclusion of Clause 150 of the government’s Draft Communications Bill. The article stipulates that the holders of Channel 3 (ITV) and Channel 5 digital broadcast licences will not have a right of renewal at the… Continue reading Carlton Boss Hits Out At Renewal Clause

The Guardian Media Group, which publishes the Guardian and the Observer newspapers, has announced a fall in profits for the year to March but claims that the advertising market is showing signs of recovery. Pre-tax profits at GMG totalled £9.8 million in the first three months of 2002, down from £67 million for the same… Continue reading GMG Reports Fall In Profits

KirchMedia, the insolvent TV arm of Leo Kirch’s fallen media empire, said on Thursday that it had received seven bids for its assets from possible investors with a highest bid of E2.6 billion. “The high level of interest from potential investors confirms our view that the restructuring of KirchMedia can be completed successfully in the… Continue reading Seven Bids In For KirchMedia

The new managing director of Telewest has admitted that the indebted cable group will have to undergo financial restructuring to guarantee its future performance. Charles Burdick who has taken the helm following the removal of former chief executive, Adam Singer (see Telewest Chief Executive Removed In ‘Boardroom Coup’), said “We’re moving down the steps to… Continue reading Telewest Moving Closer To Debt Swap Agreement

The challenging advertising market continues, according to the first half financial results statement from United Business Media (UBM) released this morning. The group’s chief executive, Clive Hollick, said that there has been “no let-up in the difficult market conditions”. Accordingly, pre-tax profit fell by 43.2% to £40.7 million for the six months to 30 June… Continue reading Continuing Tough Market Hits UBM Profits

The Football League today lost their High Court case against Carlton and Granada’s collapsed ITV Digital venture over £178.5 million owed from a three-year broadcasting deal. ITV Digital, formerly known as ONDigital, went into liquidation in April when it announced that it could not fully honour the £315 million contract. A number of league clubs… Continue reading League Loses ITV Digital Battle

GWR is selling its 25% stake in DMG Radio Australia to Daily Mail and General Trust (DMGT), holder of the remaining 75%, in return for a cancellation of debt to the company. As part of the deal, 5.8 million new shares in GWR will be issued to DMGT, raising its stake in GWR from 26.8%… Continue reading GWR Offloads DMG Radio Australia And Reduces Debt

Ad revenues at radio group GWR rose by 6.0% year on year in the second quarter, ahead of expectations and at first look indicating a strengthening radio marketplace; GWR had been expecting only ‘marginal’ growth for the period (see GWR To Focus On UK Market As Group Profits Fall). Like for like revenues in the… Continue reading GWR Revenues Rise 6% In Q2, But Declines Expected In Q3

Telewest Communications’ chief executive, Adam Singer, has been abruptly ousted from the cable operator’s Board following what the Financial Times describes as a ‘boardroom coup’. Singer was ‘forced’ to resign by non-executive directors at the company, according to reports. Taking the helm at the heavily indebted cable group is previous finance director, Charles Burdick, who… Continue reading Telewest Chief Executive Removed In ‘Boardroom Coup’