Attempts by British satellite TV broadcaster BSkyB to sell its 22% stake in KirchPayTV back to the unit’s parent, faltering German media empire Kirch Gruppe, have been rejected.
The UK firm has an option to force Kirch to buy back the stake in October. However, earlier this month BSkyB insisted the transaction could take place now, citing “certain circumstances” [WAMN: 14-May-02].
This claim has been rejected by Taurus Holdings, the Kirch empire’s holding company, which argues that the conditions allowing BSkyB to exercise the option have not been met.
Although BSkyB has declared that it does not expect to get a great deal for the stake, exercising the option will probably trigger the pay-TV unit’s collapse.
Data sourced from: BrandRepublic (UK); additional content by WARC staff