Business Services Industry
Foxtel digital worth $3bn.
Australasian Business Intelligence, November, 2002
Nov 13, 2002 (The Australian - ABIX via COMTEX)
Australia's pay television industry took an historic step forward after a deal between Foxtel and Singtel Optus was given the go-ahead. The announcement on 13 November 2002 came after last-minute negotiations and further concessions. The "yes" vote by the Australian Competition & Consumer Commission means that Foxtel will invest $A600 million in digital technology. According to ABN Amro, this could raise the group's valuation as high as $A3.3 billion, compared with $A1.2 billion at the present time. Joint owner, Publishing & Broadcasting Limited (PBL), which has 25 per cent of Foxtel, is also expected to benefit. Aegis Research believes the deal could increase its valuation to $A9.72 a share. Shares in PBL and...
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