Reed Settles BSkyB Deal

Reed International negotiated a deal with BSB shareholders yesterday to sell its share in BSkyB at a cost of £2.3m.

The deal has put a fixed value on the satellite company of £22bn, lower than anticipated, with the announcement that it has actually succeeded in clinching a £7.5m profit in the six months to December 30 1992, compared with losses of £20.9m in the previous period.

Reed will receive a payment of £12.3m immediately, with the remainder being paid out by shareholders over the next three years.