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BSkyB denies talks for Ch. 5 stake.

U.K.

British Sky Broadcasting has denied that it is in talks to buy an 18% stake in the U.K.'s Channel 5 from investment bank Warburg Pincus.

A BSkyB spokesman confirmed that Warburg Pincus had approached the satcaster about the stake several months ago, but that the discussions are no longer being actively pursued.

The investment bank is obliged to give first refusal to its fellow C5 shareholders -- Pearson, United News & Media and CLT. But sources say that the pricetag Warburg Pincus placed on its stake is 25% higher than the other shareholders are prepared to pay, leading the bank to explore other options.

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Author:Dawtrey, Adam
Publication:Variety
Date:Apr 19, 1999
Words:106
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