Mirror Group Newspapers has announced that it plans to launch a national cable television channel.
The new subscription channel, to be called Live TV, will be distributed to more than 500,000 homes and will focus mainly on live events. MGN has teamed up with cable operators Comcast, US West and Southwestern Bell. MGN did bid for a contract to provide a London cable channel, but lost out to Associated Newspapers. Channel One will launch later in the year.
Mirror Group Newspapers have released results for the six months to June 30. Pre-tax profits were £34.7m compared with £69.9m last year, but those figures were helped by a £36.1m pension write back. Mirror Group’s shares fell 4p this morning to 131p.
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