The UK government is considering four options to solve Channel 4’s funding crisis, including privatisation and a potential tie-up with BBC Worldwide. Lord Carter, minister for communications, technology and broadcasting, is likely to outline his proposals when the interim report of his Digital Britain panel is published at the end of January. Ofcom is scheduled […]
Viacom has announced a major restructuring across its entire global business, which including MTV Networks and Paramount Pictures. It will cut jobs in all divisions of the company, which will result in the reduction of its workforce by approximately 850 posts or 7% of the staff. The company is also suspending senior level management salary […]
Time Warner Cable will likely sell fewer than expected video, Internet and phone subscriptions this year, and expects a further decline next year due to the worsening U.S. economy, Chief Financial Officer Rob Marcus said. “In 2008, we’re on track to deliver less than 2.5 million additional revenue-generating units,” Marcus told the Reuters Media Summit […]
Russian telco Comstar has reported a 22 per cent year-on-year increase in third-quarter core earnings, but has said it would cut capital expenditure due to the financial crisis. Comstar said its adjusted operating income before depreciation and amortisation reached $184.8 million, higher than the average forecast of $163.6 million. Its OIBDA margin increased to 43.8 […]
From David Del Valle in Madrid Spain’s largest cable operator ONO lost 19,000 subs in the third quarter which the company blamed on the deteriorating economic environment and a lack of commercial activity during summer time. ONO ended the third quarter with 1,935,636 total subs, with telephony experiencing the sharpest decline losing more than 7,000 […]
TiVo reported a record profit for the third quarter ended October 31, of $100.6 million, but that was based mainly on the $105 million in damages the company received from satellite operator Dish Network and its set-top supplier EchoStar Corp. relating to patent litigation. Without the Dish/EchoStar damages award, the company would have posted a […]
BskyB is to raise $600m in a bond issue to institutional investors to provide funding for activities including possible acquisitions and the refinancing of debt. It launched a private placement late yesterday of 10-year bond notes at 9.5% interest. “It is expected that the net proceeds of the offering will be used for general corporate […]
Ad-funded, youth-oriented mobile virtual network operator Blyk has raised an impressive E40 million round from its existing investors. CEO Pekka Ala-Pietilä warned that, "like everyone else, [we] are feeling the impact of the world's financial situation" and Blyk has "taken decisive steps to cut costs and streamline our organisation." Since its launch in September 2007, […]
GE has declared its interest in buying media assets in a sign that a slumping economy has not shaken General Electric's confidence in its television and film business, NBC Universal. Jerry Immelt, GE chief executive, told the FT the company had the resources to capitalise on bargains as it wades through the downturn. "There are […]
UK telco BT has announced it will be cutting 10,000 jobs following a gloomy Q2 report. The company said it had already cut 4,000 jobs, leaving a further 6,000 to go between now and March, adding that it was not planning any compulsory redundancies. BT said it was reducing its dependence on consultants and contractors, […]