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BBC planning IPO for Worldwide?
Chris Forrester ©RapidTVNews | 25-11-2009
A report in the London Financial Times says that the BBC is holding discussions with the financial community about floating off at least a portion of BBC Worldwide, its commercial arm. Goldman Sachs and Credit Suisse are said to be part of the advisory exercise.
Rapid TV News, while happy to report this, can only draw readers to the frequent muddle-headed thinking of BBC top brass as it contemplates selling another of the BBC's undoubted Crown Jewels. BBC Worldwide, in our view, needs no investment cash or expensive City reporting costs, having as its key role the exploitation of existing BBC programming assets.
Similar sales by the BBC (BBC Transmission, BBC Technology and other key assets) have seen hundreds of millions in rewards for commercial buyers. These assets, once sold off, can never be brought back into public ownership.
Sir Michael Lyons, the BBC Trust's chairman, says that he had an "open mind" as regards the future ownership of BBC Worldwide. One would only hope that his open mind is quickly closed, and he kicks this part-sale into the very long grass.
BBC Worldwide operates 23 international TV channels in more than 100 countries. It also has assets like the controversial magazines group, as well as Lonely Planet travel guides, merchandise and programme formats. BBC Worldwide enjoyed revenues of £1bn in 2008-09 and an operating profit of £112m before exceptionals.
© Rapid TV News 2009
