MUMBAI: The BBC has announced that a contract has been signed with Creative Broadcast Services Limited for the sale of BBC Broadcast. BC Broadcast is involved with designing the look, logo of channels among other activities.
Completion of the sale is subject to approval from the Secretary of State for Culture, Media & Sport. Creative Broadcast Services Limited owned by the Macquarie Capital Alliance Group and Macquarie Bank Limited, has been selected as the new owner following an extensive and rigorous evaluation of final bids from financial and industry buyers. The sale follows on from the corporation's internal review of its commercial businesses. The review team concluded that, whilst the services provided by BBC Broadcast are vital to the BBC, they did not necessarily need to remain owned by the BBC.
The list of financial bidders had included - Advent International, Apax Partners Worldwide LLP, Bank of Scotland Corporate, Barclays Pvt Equity, Bridgepoint, Exponent Pvt Equity, HgCapital, Kleinwort Capital, Montagu Pvt Equity, Palamon Capital Partners LP and The Carlyle Group. The BBC believes that the new ownership and its commitment to a long-term partnership will mean that the BBC can continue the strong relationship it has built up with BBC Broadcast. Creative Broadcast Services will provide the business with opportunities for growth which are not available whilst it is owned by the BBC, but with the stability of an on-going contract in place with the BBC. As well as delivering the best deal to the BBC, Creative Broadcast Services has also given assurances on pensions, terms and conditions for staff in BBC Broadcast.
BBC COO and executive board sponsor John Smith said, "Creative Broadcast Services made the BBC a great offer and showed real capabilities in managing a contractual long-term partnership with a commitment to growing and investing in the business." Macquarie Capital Alliance Group CEO Michael Cook said, "BBC Broadcast has state-of-the-art facilities and services delivered by very talented people and is in a strong position to take advantage of growing opportunities in Europe as well as developing demand from new communication media. The BBC Broadcast management team has extensive experience and strong industry relationships across all aspects of the business."
BBC Broadcast MD Pam Masters said, "I am delighted with the BBC's decision for Creative Broadcast Services to acquire BBC Broadcast. The Board and I have built this company from an internal BBC department through incorporation and three successful years of trading under BBC ownership.
"It is now time for the business to flourish under new ownership with increased investment. We feel confident the decision is right for our business and our staff, and I look forward to working with them to fulfill the potential of this fantastic business."
