Bell Cablemedia, the UK’s third largest combined cable and telephone operator has raised £309m on the New York Stock Exchange. Bell Cablemedia is the largest UK cable company yet to have floated; it groups together Bell Canada International, Cable and Wireless, of which Mercury is a part, and Jones Intercable. Bell has outright ownership of 18 UK cable franchises and a one-third stake in Videotron; its franchises cover a total of 2m homes in the UK. A London flotation is hoped for within 12 to 18 months.
A House of Commons select committee will report tomorrow on the future of fibre-optic cabling. It is expected to be in favour of an easing of the ban on entertainment services being carried by telephone operators. This is likely to unsettle investor confidence in the cable industry.
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