Flextech Bidding Narrows As ITV Dropped

ITV has been eliminated in the race for control of Telewest’s Flextech television business, it was claimed over the weekend, with the Sunday Times stating that the broadcaster has failed to pass the second round of bids.

According to the newspaper, Deutsche Bank, the investment bank conducting the sale process, has informed ITV of its failure, leaving BSkyB and RTL as the front runners to gain control of the business.

Bids for Flextech are believed to be approaching the £1 billion mark, with Telewest eager to rid itself of its interest in the firm ahead of its merger with cable rival ntl (see Cable Giants Begin Merger Talks).

According to the Sunday Times, the bidding war over Flextech is beginning to peter out, and despite several high profile American firms such as Viacom, Discovery Networks, and NBC having made it to the third round of bidding, BSkyB and RTL remain the current favourites.

ITV: 020 7843 8000 www.itv.com Telewest: 0845 142 0000 www.telewest.co.uk