Feeds

Liberty Media talks with Telewest

Best interests of the company, apparently

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

Telewest is to hold talks with Liberty Media about the future of the debt laden UK cableco.

In a letter to shareholders Telewest - burdened by £5 billion in debt - said that it is in the "best interest" of the company to enter into discussions with Liberty (the US media investment outfit owned by gazillionaire John Malone) and its bondholders concerning restructuring.

"These discussions will not begin until we have obtained the necessary waivers and consents from our banks," the cableco said.

Liberty - which already owns 25 per cent of Telewest - is looking to take control of the cableco.

In a separate development Microsoft said it has offered to sell its 23.6 per cent stake in Telewest to Liberty.

The offer values Microsoft's stake at about $332 million, according to the FT.

In May, Microsoft pulled three non-executive directors from the cableco's board.

At the time it explained that the move had been taken to consider, among other things, "purchasing or selling Telewest securities or engaging in possible strategic transactions involving Telewest".

At lunch shares in Telewest were up 0.38p (13.5 per cent) at 3.2p. ®

Related Story

Microsoft execs jump ship from Telewest

The Essential Guide to IT Transformation

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.