Microsoft Directors Quit Telewest Board

16 May 2002

Debt-beset UK cable operator Telewest bid adieu Wednesday to the three non-executive directors placed on its board by software giant Microsoft – a 23.5% stockholder in the company.

The move is widely believed to presage the unloading by Microsoft of its £56 million ($81.58m; €89.59m) holding in the struggling cable giant, racing to dump the stock before the expected NTL-style restructuring and bond-for-equity swap plan.

Microsoft’s pull-out leaves Liberty Media, John Malone’s investment vehicle, as Telewest's dominant shareholder. Malone is expected to call the stakes in any restructuring.

Data sourced from: Financial Times; additional content by WARC staff