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Press Releases
Â鶹¹ÙÍøÊ×Ò³Èë¿Ú kicks off sale process for Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Resources
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The Â鶹¹ÙÍøÊ×Ò³Èë¿Ú has announced today that the process for the sale of its commercial subsidiary, Â鶹¹ÙÍøÊ×Ò³Èë¿Ú 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 Â鶹¹ÙÍøÊ×Ò³Èë¿Ú's Executive Board and the Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Trust.
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Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Resources is one of the UK's leading providers of broadcast production facilities and services, and consists of three divisions: Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Outside Broadcasts, Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Studios and Â鶹¹ÙÍøÊ×Ò³Èë¿Ú 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 Â鶹¹ÙÍøÊ×Ò³Èë¿Ú should only own commercial businesses that either export or exploit the Â鶹¹ÙÍøÊ×Ò³Èë¿Ú brand or content; whilst the services provided by Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Resources are vital to the Â鶹¹ÙÍøÊ×Ò³Èë¿Ú, they do not need to be owned by the Â鶹¹ÙÍøÊ×Ò³Èë¿Ú anymore.
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The Â鶹¹ÙÍøÊ×Ò³Èë¿Ú has already sold Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Broadcast to Macquarie.
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The Â鶹¹ÙÍøÊ×Ò³Èë¿Ú believes that the combination of Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Resources under new commercial ownership and a continued partnership with the Â鶹¹ÙÍøÊ×Ò³Èë¿Ú will mean the Corporation can leverage its strong relationship and heritage with Â鶹¹ÙÍøÊ×Ò³Èë¿Ú 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 Â鶹¹ÙÍøÊ×Ò³Èë¿Ú, balanced with the stability of ongoing contracts with the Â鶹¹ÙÍøÊ×Ò³Èë¿Ú.
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"We are committed to getting the best value for the Â鶹¹ÙÍøÊ×Ò³Èë¿Ú and licence fee payers, whilst putting staff interests at the heart of the process," said John Smith, Chief Executive, Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Worldwide, and Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Board Sponsor for the sale.
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Andrew Thornton, Project Director, Â鶹¹ÙÍøÊ×Ò³Èë¿Ú, 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, Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Resources, said: "Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Resources is full of talent, with a world-class reputation for understanding production values and programme making, both at the Â鶹¹ÙÍøÊ×Ò³Èë¿Ú and across the media marketplace. Taking our Â鶹¹ÙÍøÊ×Ò³Èë¿Ú 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 Â鶹¹ÙÍøÊ×Ò³Èë¿Ú 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 Â鶹¹ÙÍøÊ×Ò³Èë¿Ú 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 Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Resources
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- Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Resources is a profitable and cash generative business with revenues around £125m – spread evenly across the three divisions.
- Â鶹¹ÙÍøÊ×Ò³Èë¿Ú 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.
- Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Studios: equipped to the highest standard, 18 studios - located at Television Centre in London and Elstree (both currently owned by the Â鶹¹ÙÍøÊ×Ò³Èë¿Ú) - 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.
- Â鶹¹ÙÍøÊ×Ò³Èë¿Ú 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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Â鶹¹ÙÍøÊ×Ò³Èë¿Ú Press Office
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