PRESS: Discovery Communications Out Of Bidding Process For Channel 5

WASHINGTON (Alliance News) - Billionaire John Malone's Discovery Communications Inc. has dropped ...

Alliance News 17 April, 2014 | 8:30AM
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WASHINGTON (Alliance News) - Billionaire John Malone's Discovery Communications Inc. has dropped out of the bidding to acquire UK's Channel 5, according media reports citing a person with knowledge of the matter.

Discovery led a joint bid for Channel 5 with satellite-TV provider British Sky Broadcasting Group PLC.

The companies submitted an offer of about GBP350 million, or USD588 million, for the broadcaster in the second bidding round, far below the asking price, reports said. Channel 5 is owned by Richard Desmond's Northern & Shell.

It is unclear which companies remain in the hunt for the UK broadcaster, whose programming lineup includes "Big Brother" and crime series "NCIS." Several other US media companies showed interest early on in the auction but have since exited the process, the reports said.

Channel 5 was bought by media businessman Richard Desmond for about GBP104 million in 2010.

The reports indicated Desmond initially sought more than 700 million pounds for the station. He also considered an initial public offering instead of selling.

Copyright RTT News/dpa-AFX

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
British Sky Broadcasting Group PLC 894.48 GBX -0.28
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