The level of foreign ownership in UKTV, the consortium which put in the highest bid for Channel 5, could jeopardise its chance of winning the auction.
It appears that one of the two European partners in the consortium, Scandinavian Broadcasting System, is actually 23% owned by Capital Cities/ABC, the American TV network; an additional 10% is held by US investor Harry Sloan and 15% is held by US institutional shareholders, according to filings to the Securities Exchange Commission as of 31 March 1995.
To counter any difficulties the CanWest consortium has ‘parked’ shares with UK trustees, who will vote the non-European stake in C5 in the event the ITC disqualifies some of UKTV’s backers.
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