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Press Releases
Βι¶ΉΤΌΕΔ kicks off sale process for Βι¶ΉΤΌΕΔ Resources
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The Βι¶ΉΤΌΕΔ has announced today that the process for the sale of its commercial subsidiary, Βι¶ΉΤΌΕΔ Resources Limited, has begun and an advertisement is to appear in the Financial Times, Times and UK trade magazine Broadcast on Thursday, 16 August. The sale is subject to the necessary approvals by the Βι¶ΉΤΌΕΔ's Executive Board and the Βι¶ΉΤΌΕΔ Trust.
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Βι¶ΉΤΌΕΔ Resources is one of the UK's leading providers of broadcast production facilities and services, and consists of three divisions: Βι¶ΉΤΌΕΔ Outside Broadcasts, Βι¶ΉΤΌΕΔ Studios and Βι¶ΉΤΌΕΔ Post Production.
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The sale comes as a result of the Commercial Review whereby the Corporation reviewed all its commercial businesses. The Commercial Review team concluded that the Βι¶ΉΤΌΕΔ should only own commercial businesses that either export or exploit the Βι¶ΉΤΌΕΔ brand or content; whilst the services provided by Βι¶ΉΤΌΕΔ Resources are vital to the Βι¶ΉΤΌΕΔ, they do not need to be owned by the Βι¶ΉΤΌΕΔ anymore.
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The Βι¶ΉΤΌΕΔ has already sold Βι¶ΉΤΌΕΔ Broadcast to Macquarie.
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The Βι¶ΉΤΌΕΔ believes that the combination of Βι¶ΉΤΌΕΔ Resources under new commercial ownership and a continued partnership with the Βι¶ΉΤΌΕΔ will mean the Corporation can leverage its strong relationship and heritage with Βι¶ΉΤΌΕΔ Resources.
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A new owner will provide the profitable and cash generative business with further opportunities for growth, which are not available whilst it is owned by the Βι¶ΉΤΌΕΔ, balanced with the stability of ongoing contracts with the Βι¶ΉΤΌΕΔ.
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"We are committed to getting the best value for the Βι¶ΉΤΌΕΔ and licence fee payers, whilst putting staff interests at the heart of the process," said John Smith, Chief Executive, Βι¶ΉΤΌΕΔ Worldwide, and Βι¶ΉΤΌΕΔ Board Sponsor for the sale.
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Andrew Thornton, Project Director, Βι¶ΉΤΌΕΔ, who is leading the sale, commented: "This is a unique opportunity for any potential bidder; it's not everyday such a treasure trove of outstanding expertise and skills comes on the market. We are looking for a partner that will nurture this and continue to work closely with us to provide the unrivalled quality of services we need, as well as to capitalise on this in the wider industry."
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Mike Southgate, Chief Executive, Βι¶ΉΤΌΕΔ Resources, said: "Βι¶ΉΤΌΕΔ Resources is full of talent, with a world-class reputation for understanding production values and programme making, both at the Βι¶ΉΤΌΕΔ and across the media marketplace. Taking our Βι¶ΉΤΌΕΔ heritage, the sale offers us the chance to grow the business and continue to lead the rapid changes taking place."
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It is expected that the sale of the business and transfer of Βι¶ΉΤΌΕΔ Resources staff to the successful bidder will take place by the end of March 2008, subject to contract negotiations and approvals.
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The Βι¶ΉΤΌΕΔ recognises the importance of staff in the sale process and will fully consult with the Unions and work closely with staff to achieve a smooth transition during this process.
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Notes to Editors
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About Βι¶ΉΤΌΕΔ Resources
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- Βι¶ΉΤΌΕΔ Resources is a profitable and cash generative business with revenues around Β£125m – spread evenly across the three divisions.
- Βι¶ΉΤΌΕΔ Outside Broadcasts: a large fleet of 15 television production units plus sound, support and communications vehicles and award-winning special cameras, operate out of self-contained premises in Langley. The division supports events from music festivals, drama productions and major state occasions, to Wimbledon, the Olympics and World Cup football.
- Βι¶ΉΤΌΕΔ Studios: equipped to the highest standard, 18 studios - located at Television Centre in London and Elstree (both currently owned by the Βι¶ΉΤΌΕΔ) - are amongst the most sought after and largest in the UK. The facilities, including two High Definition (HD) studios and the latest cameras, accommodate many of the UK's favourite TV programmes such as EastEnders and Friday Night With Jonathan Ross, as well as more complex productions such as Children in Need and the General Election.
- Βι¶ΉΤΌΕΔ Post Production: around 200 suites in Bristol, Birmingham and London, the UK's largest facilities of their kind. Offering an extensive range of services across Standard Definition and HD editing, audio and telecine, recent work includes: Planet Earth, Strictly Come Dancing and Match Of The Day.
- For more information and to view a five-minute show reel about some of the productions the company has recently supported: .
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Βι¶ΉΤΌΕΔ Press Office
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