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UK Secretary of State for culture, media, sport approves BBC Broadcast sale

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MUMBAI: UK broadcaster The BBC has announced that the UK Secretary of State for Culture, Media and Sport has approved the sale of BBC Broadcast. This clears the way to completing the sale of the company to Creative Broadcast Services owned by the Macquarie Capital Alliance Group and Macquarie Bank Limited.          

The deal is now unconditional and is expected to be completed on 31 July 2005. The BBC had announced laSt month that Creative Broadcast Services had been selected as the new owner, following an extensive and rigorous evaluation of final bids from financial and industry buyers, subject to the required approval from the Secretary of State. Among other things BBC Broadcast is involved with designing the look and feel of television channels as well as distributinng and promoting multimedia content.

The sale follows on from the corporation's internal review of its commercial businesses. The review team concluded that while the services provided by BBC Broadcast are vital to the BBC they did not necessarily need to remain owned by the BBC.

The BBC believes the new ownership and its commitment to a long-term partnership will mean that the BBC can continue the strong relationship it has built up with BBC Broadcast. Creative Broadcast Services will provide the business with opportunities for growth which are not available whilst it is owned by the BBC, but with the stability of an ongoing contract in place with the BBC.

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