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Press Releases
91Èȱ¬ kicks off sale process for 91Èȱ¬ Resources
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The 91Èȱ¬ has announced today that the process for the sale of its commercial subsidiary, 91Èȱ¬ Resources Limited, has begun and an advertisement is to appear in the Financial Times, Times and UK trade magazine Broadcast on Thursday, 16 August. The sale is subject to the necessary approvals by the 91Èȱ¬'s Executive Board and the 91Èȱ¬ Trust.
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91Èȱ¬ Resources is one of the UK's leading providers of broadcast production facilities and services, and consists of three divisions: 91Èȱ¬ Outside Broadcasts, 91Èȱ¬ Studios and 91Èȱ¬ Post Production.
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The sale comes as a result of the Commercial Review whereby the Corporation reviewed all its commercial businesses. The Commercial Review team concluded that the 91Èȱ¬ should only own commercial businesses that either export or exploit the 91Èȱ¬ brand or content; whilst the services provided by 91Èȱ¬ Resources are vital to the 91Èȱ¬, they do not need to be owned by the 91Èȱ¬ anymore.
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The 91Èȱ¬ has already sold 91Èȱ¬ Broadcast to Macquarie.
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The 91Èȱ¬ believes that the combination of 91Èȱ¬ Resources under new commercial ownership and a continued partnership with the 91Èȱ¬ will mean the Corporation can leverage its strong relationship and heritage with 91Èȱ¬ Resources.
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A new owner will provide the profitable and cash generative business with further opportunities for growth, which are not available whilst it is owned by the 91Èȱ¬, balanced with the stability of ongoing contracts with the 91Èȱ¬.
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"We are committed to getting the best value for the 91Èȱ¬ and licence fee payers, whilst putting staff interests at the heart of the process," said John Smith, Chief Executive, 91Èȱ¬ Worldwide, and 91Èȱ¬ Board Sponsor for the sale.
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Andrew Thornton, Project Director, 91Èȱ¬, who is leading the sale, commented: "This is a unique opportunity for any potential bidder; it's not everyday such a treasure trove of outstanding expertise and skills comes on the market. We are looking for a partner that will nurture this and continue to work closely with us to provide the unrivalled quality of services we need, as well as to capitalise on this in the wider industry."
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Mike Southgate, Chief Executive, 91Èȱ¬ Resources, said: "91Èȱ¬ Resources is full of talent, with a world-class reputation for understanding production values and programme making, both at the 91Èȱ¬ and across the media marketplace. Taking our 91Èȱ¬ heritage, the sale offers us the chance to grow the business and continue to lead the rapid changes taking place."
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It is expected that the sale of the business and transfer of 91Èȱ¬ Resources staff to the successful bidder will take place by the end of March 2008, subject to contract negotiations and approvals.
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The 91Èȱ¬ recognises the importance of staff in the sale process and will fully consult with the Unions and work closely with staff to achieve a smooth transition during this process.
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Notes to Editors
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About 91Èȱ¬ Resources
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- 91Èȱ¬ Resources is a profitable and cash generative business with revenues around £125m – spread evenly across the three divisions.
- 91Èȱ¬ Outside Broadcasts: a large fleet of 15 television production units plus sound, support and communications vehicles and award-winning special cameras, operate out of self-contained premises in Langley. The division supports events from music festivals, drama productions and major state occasions, to Wimbledon, the Olympics and World Cup football.
- 91Èȱ¬ Studios: equipped to the highest standard, 18 studios - located at Television Centre in London and Elstree (both currently owned by the 91Èȱ¬) - are amongst the most sought after and largest in the UK. The facilities, including two High Definition (HD) studios and the latest cameras, accommodate many of the UK's favourite TV programmes such as EastEnders and Friday Night With Jonathan Ross, as well as more complex productions such as Children in Need and the General Election.
- 91Èȱ¬ Post Production: around 200 suites in Bristol, Birmingham and London, the UK's largest facilities of their kind. Offering an extensive range of services across Standard Definition and HD editing, audio and telecine, recent work includes: Planet Earth, Strictly Come Dancing and Match Of The Day.
- For more information and to view a five-minute show reel about some of the productions the company has recently supported: .
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91Èȱ¬ Press Office
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