The Television Corporation has announced the receipt of a take-over bid from Welsh producer, Tinopolis, with reports claiming the offer is around 90p per TV Corp share, valuing the business at around £37.5 million.
Resulting from the offer, TV Corp’s board has decided to undertake a “full strategic review considering al of the options available to the company.”
However, the group asserted that the approach “may or may not lead to an offer for the company”, stating that a further announcement would be make in “due course.”
Last month, TV Corp announced turnover totalling £22 million for the first six months of 2005, up from £17.4 million this time last year, with profit before tax hitting £1.6 million, compared to £672K last year (see TV Corp Announces Turnover Reaching £22 Million For First Half Of 2005).
The first half of 2005 saw growth of over 25% in core UK programme revenues against those of the comparable period in 2004, reflecting significant steps in increasing profit margins in the group’s factual programme production.
This summer saw Peter Salmon, ex BBC director of Sport, join TV Corp as group executive, replacing Jeff Foulser who took up the role of director of sport and chairman of Sunset & Vine, the group’s sports production arm (see Salmon To Join The Television Corporation).
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