Granada Abandons Australian Production Joint Venture

Granada Media has abandoned the plans it had to form a production company with Australian broadcaster the Seven Network. Red Heart was formed 18 months ago, but has failed to achieve the goals set. It will now be retained as a vehicle for co-production between the companies.

It is thought that the opportunity for Granada to exit this underperforming joint venture on amicable terms will be a good thing for the company, as it also places it in a better position to negotiate the sale of content to other Australian networks.

Following a difficult time last week, (see Sharewatch), by midday today, Granada shares had dropped 4¼p to £1.47¾.

Granada: 020 7620 1620 www.granada.co.uk

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