July 21st, 2008
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Times Online- An activist American hedge fund has drawn up detailed plans to buy BSkyB’s 17.9% stake in ITV.
Silver Point Capital, an American fund that specialises in distressed assets, has held talks with investment bankers who could assist with its plan.
It is unclear whether Silver Point has approached BSkyB, but its proposal involves the creation of a complicated structured vehicle. The “warehouse structure” would enable BSkyB to divest the stake and shed the regulatory risk but still share in any future upside with the hedge fund.
BSkyB, which is part-owned by News Corporation, ultimate owner of The Sunday Times, is expected to learn shortly whether it will be forced to cut its stake in ITV by the Competition Commission to at least 7.5%. It is understood to be considering all options for a sale.
News Tags:chief executive, citigroup, gores group, hollywood studios, nara, raft, scion capital
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