NTL Downloads Down Under Broadcast Unit

25 February 2002

NTL, the struggling US-owned cable operator whose primary activities are British-based, signed on the dotted line Friday to sell its Antipodean subsidiary NTL Australia to Macquarie Bank for $442 million (£309.2m; €505.8m).

The deal will allay only marginally the dire financial straits of Britain's largest cable company, which is currently battling to service the £12 billion debt millstone around its neck.

NTL Australia reaches some 98% of the country's viewers, and also holds a majority stake in an eastern-Australian telecommunications company.

Data sourced from: BBC Online Business News (UK); additional content by WARC staff