Wednesday April 1, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece's OTE in talks to buy rival's pay-TV business

Greek telecoms company OTE said it was in preliminary talks with the main shareholder of a small rival, Forthnet, to buy its subscription television operations.

OTE's move comes two weeks after its biggest domestic rival Vodafone acquired an option to increase its 6.5 percent stake in Forthnet to 19.75 percent.

Gaining control of Forthnet's pay-TV business Nova would help either OTE or Vodafone boost their market share and squeeze more revenue from customers.

Forthnet shares jumped 19 percent in Athens on Tuesday, giving it a market value of 144 million euros ($196 million), with traders speculating that a bidding war may erupt for Forthnet. The shares were not trading early on Wednesday.

"There have been preliminary contacts between OTE and Forthnet's major shareholder Forgendo Ltd., regarding the Nova pay-TV operations," OTE said in a bourse filing.

Forgendo, which is controlled by Emirates International Telecommunications, holds a 44 percent stake in Forthnet.

OTE, a former monopoly which is currently 40-percent-owned and managed by Deutsche Telekom, is betting on high-speed internet and subscription television services as a way to stop losing telephone service clients to cheaper rivals.

"OTE has been developing its pay-TV operations, as it believes that pay-TV is an area with growth potential," OTE said in the filing, adding that it was normal to "review all business options in this direction".

Its shares were up 0.4 percent at 11.42 euros in Athens at 0829 GMT, outperforming Greece's benchmark stock index which was down 0.7 percent. [Reuters]

ekathimerini.com , Wednesday June 25, 2014 (14:43)  
Business sentiment in decline
Ministry headache over T-bills
Lafazanis reaches preliminary energy package deal in Russia
Bank recap cash cant be used for other purposes
Finance Ministry officials to discuss talks progress as EU pushes for action
After several days of talks between representatives of Greeces government and its creditors in Brussels on a proposed list of economic reforms, eurozone finance ministry officials are to di...
Trial of suspects in Salamina torture case starts
The trial of four men accused of torturing an Egyptian bakery worker on the island of Salamina in the summer of 2012 is to resume on April 30 after the victim, Walid Talb, and several witnes...
Inside News
BASKETBALL
AEK could get a wild card to the Euroleague
AEK shows capable of climbing as high as third in the Basket League, as its 16-point home win over third-placed Aris on Sunday confirmed it can challenge both Aris and PAOK to the first spot...
SOCCER
Cyprus soccer eyes reunion after 60-year divorce
Turkish Cypriot soccer officials on Monday vowed to press ahead with attempts to reunite with the Cyprus Football Association, (CFA), triggering a political storm on the ethnically-split isl...
Inside Sports
COMMENTARY
Amateur antics or overstepping the mark?
There are 149 plus two reasons why those who have been watching SYRIZAs progress since its start cannot and never will be able to stomach the leftist partys coalition with Independent Gree...
EDITORIAL
A pointless debate
Mondays parliamentary debate between the countrys political leaders left a lot to be desired. There was no information whatsoever about the coalition governments proposed reforms or the p...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. AEK could get a wild card to the Euroleague
2. Business sentiment in decline
3. Ministry headache over T-bills
4. Lafazanis reaches preliminary energy package deal in Russia
5. Bank recap cash cant be used for other purposes
6. EIB said to have frozen funding
more news
Today
This Week
1. Amateur antics or overstepping the mark?
2. Parliamentary speaker prompts ND walkout, anger from PASOK, Potami
3. Investment guru Mark Mobius rules out Grexit, advises sell-offs
4. Greece, EU/IMF lenders end round of technical talks without deal
5. A pointless debate
6. Greek government proposes measures worth 3.7 bln
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. Moscow expects progress from Tsipras visit
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Greece optimistic on deal with euro area next week
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.