The Guardian Media Group yesterday sold its remaining television interests – comprising Bazal Productions, Initial and Broadcast Communications – to Netherlands-based independent production company Endemol.

Endemol, a subsidiary of Spanish telecoms giant Telefónica, acquired a 50% holding in GMG’s TV division in 1998 and yesterday acquired the remainder for a sum in the region of £26.5 million. Earlier this year GMG also disposed of its 20% holding in commercial breakfast station GMTV.

The disposals have enabled GMG to amass a cash war-chest of some £200 million to invest in its priorities: commercial radio, regional newspapers and internet services. Says GMG chief executive Bob Phillis: "The disposal is a further stage in our repositioning as a multimedia business based on our core strengths, values and brands."

News source: The Times (London)