BBC Declines Bank Advice on Sell-off

04 February 2005

UK state-funded broadcaster, the BBC, has politely refused kind offers of advice from investment banks to assist in the sale of its Broadcast division.

The corporation's chief operating officer, John Smith, says the £100 million ($188m, €144m) sell-off will be handled inhouse with the help of "other advisers on board".

Bankers will be weeping into their spreadsheets at the loss of up to £500,000 in advisory fees.

The BBC division, which employs one thousand people and is charged with advertising BBC shows and technical services, is run on a commercial basis. Last year's operating profits were £7 million on sales of £109 million.

The sale is likely to interest, among others, French technology group Thomson, Ascent Media and several venture capital firms.

Data sourced from The Times Online (UK); additional content by WARC staff