German cable operator PrimaCom, which filed for insolvency in June 2010 after its shareholders failed to reach an agreement with creditors regarding repayment of a €29.2 million loan, is now ready to be sold on to financial investors. In a debt-for-equity swap, PrimaCom’s lenders Alcentra Group, Avenue Capital Group, Tennenbaum Capital Partners and ING have […]
Technicolor has said that it will issue new shares worth about €213 million to pay back creditors after it failed to sell assets in its restructuring process fast enough. The group had issued about €265 million of debt in so-called disposal proceed notes (DPN) during its 18-month-long restructuring process in which it sought the protection […]
Hulu, which has been tipped for a New Year IPO, is now said to be exploring alternative means of raising capital, including getting existing investors to inject more capital, says the WSJ. Many US reports have previously predicted the online video site was angling for an IPO to raise $200 million to $300 million – […]
Italian pay-TV operator Dahlia TV could see a capital increase or the arrival of new shareholders early in 2011. The platform owned by the Sweden’s AirPlus, which took over Telecom Italia Media’s pay-TV unit, La7 Cartapiù in spring 2009, is faced with liquidity problems, despite successfully concluding an E80 million refinancing package in August 2010. […]
The Corporation for Public Broadcasting (CPB) has confirmed that it will provide public television stations in 20 US markets with funding to begin delivering mobile digital television programming by the end of 2011. With the help of more than $2 million in grants from CPB, stations can purchase and install mobile DTV equipment that will […]
A new strategy to deliver more distinctive, high quality programmes, improved value for money and greater transparency for all audiences has been published by the BBC Trust, the body that sets BBC strategy and top-level budgets . Launching the final conclusions of the Strategy Review, BBC Trust Chairman Sir Michael Lyons stressed that the BBC […]
The BBC has admitted that TV, radio and online services could be at risk as the corporation seeks cost savings in the face of October’s licence fee settlement. Michael Lyons, the outgoing BBC Trust chairman, said he “could not rule out” the closure of certain services given the tough licence fee settlement, as he unveiled […]
Youku, China’s largest online video company, has raised $203 million in its initial public offering and saw its shares surge more than 100 per cent in New York trading. Tudou, Youku’s largest rival, has also filed for a US IPO, but there is no date for the offering yet. But Gong Yu, chief executive of […]
The UK Government has revealed plans to spend £830 million (€979m) in an effort to give the UK the best broadband network in Europe by 2015. An action plan – Britain’s Superfast Broadband Future – published by Culture Secretary Jeremy Hunt, sets out the ambition to create a ‘digital hub’ in every community in the […]
Troubled Hollywood studio MGM on December 2nd saw its bankruptcy reorganisation plan approved by a New York court, and cleared the way for MGM to speedily exit its Chapter 11 bankruptcy. MGM expects the new plan to become effective mid-December. “Today’s ruling is an important milestone for MGM,” said Co-CEO Steven Cooper. “Thanks to the […]