NTL Backs Away From ITV Buyout Effort.
Multichannel News, December, 2006 by Farrell, Mike
By Mike Farrell Cable Operator Halts Its Ailing Pursuit Of U.K. Broadcaster After raising a ruckus over what it called an attempt by rival British Sky Broadcasting to block its bid for ITV, NTL last week threw in the towel, abandoning its pursuit of the United Kingdom broadcaster.
NTL said on Dec. 6 it would no longer pursue ITV and that a deal would be "unlikely to be attained on terms acceptable to NTL." NTL's about-face comes a little less than a month after it began its initial $8.9 billion bid for ITV, the largest commercial broadcaster in the U.K., on Nov. 9. BRANSON INCENSED Days later (on Nov. 17), BSkyB said it had purchased a 17.9% stake in ITV for $1.8 billion. BSkyB said the investment was made for strategic purposes...
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