ntl withdraws bid for broadcaster

6 Dec 2006

UK cable operator ntl Inc has abandoned talks on a possible takeover of broadcaster ITV, it said in a statement. The group confirmed it was in talks with ITV in early November, but the broadcaster rejected an initial cash and shares bid. ntl’s triple-play rival BSkyB subsequently moved swiftly to take a 17.9% stake in ITV, effectively blocking ntl’s plans. ntl said it has submitted comments to regulator Ofcom on the BSkyB purchase, which it claims ‘presents serious competition and public interest issues’. ntl has opted not to pursue its takeover bid, saying it was unlikely to reach an agreement on acceptable terms.

United Kingdom, Sky, Virgin Media