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SKY FLOTATION COULD GO ON HOLD, SAYS MURDOCH

News, 19 October 2000


Addressing Newscorp’s annual meeting in Adelaide, Australia, chairman and chief executive Rupert Murdoch told shareholders that the imminent flotation of Sky Global Networks could be put on hold.

The IPO, estimated value $40 billion (£27bn), was expected within the next month. But, said Murdoch in response to a question: “A month is far too short a timetable. It’s an impossibility. I’d just say that we are going to do it as soon as possible.”

He conceded that regulatory concerns related to the acquisition of Seagram by Vivendi of France, a 22.7% minority shareholder in BSkyB [WAMN: 16-Oct-00], had delayed the flotation process. Analysts predict that if this stretches beyond the end of November, the IPO will remain on ice until the new year.

News source: The Times (London)