BBC receives approval for the sale of BBC Broadcast

The Secretary of State for Culture, Media and Sport has approved the sale of BBC Broadcast Limited (BBC Broadcast), clearing the way for the sale of the BBC subsidiary to Creative Broadcast Services Limited (Creative Broadcast Services), owned by the Macquarie Capital Alliance Group and Macquarie Bank Limited.
The deal is now unconditional and is expected to complete on July 31.
The BBC announced on June 27 that Creative Broadcast Services had been selected as the new owner, following an extensive and rigorous evaluation of final bids from financial and industry buyers, subject to the required approval from the Secretary of State.
BBC Broadcast is Europe's leading expert in the distribution and promotion of multimedia content and it offers a comprehensive range of services to playout, publish, promote and provide media access for content across all media, from television to mobile phones.
The sale follows on from the Corporation's internal review of its commercial businesses. The review team concluded that, while the services provided by BBC Broadcast are vital to the BBC, they did not necessarily need to remain owned by the BBC.
The BBC believes the new ownership and its commitment to a long-term partnership will mean that the BBC can continue the strong relationship it has built up with BBC Broadcast.
Creative Broadcast Services will provide the business with opportunities for growth which are not available whilst it is owned by the BBC, but with the stability of an ongoing contract in place with the BBC.
(GB)