Pan-European Broadcaster Announces London Listing Date

The prospectus was issued and the name announced yesterday for the product of the CLT-UFA and Pearson TV merger (see Pearson In Merger Deal To Create European TV Giant). The new pan-European broadcaster will be known as RTL and will float on the London stock exchange on 26 July at an expected value of around £14bn.

Only 10% of shares will be floated on this date, which means the group will not immediately enter the FTSE 100 index. However, it is understood that this figure should be increased to 15% in future, bringing it above the threshold for inclusion.

Two non-executive directors have been appointed to the board. Martin Taylor, non-executive chairman of WHSmith and former chief executive of Barclays will become an independent, non-executive director. Juan Abello Gallo, who is chairman of Spanish company Alcaliber, will take the role of non-executive chairman.

The merger will create a major force in European broadcasting. Among other interests the combined company will control 65% of Channel 5. It is possible that it will make a move to take full ownership in future. The company is also expected to take an interest in the ongoing saga of the Granada/United News and Media/Carlton merger (see Granada Makes Board Appointments Ahead Of Carlton/UNM Decision) and could conceivably make a move to bid for any of the three companies.

Pearson: 020 7411 2000