Videotron wants to sell U.K. Interactive TV channel

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MONTREAL: Groupe Videotron says it is still talking with potential buyers for its British cable/phone unit, even though it will now not meet its own sales deadline of this week. Videotron announced last February it wanted to sell its 56% stake in Videotron Holdings PLC by the end of its fiscal year on August 31. The unit includes prime franchises in central and south London.

Videotron spokesperson Sylvia Morin said market conditions in Britain have "put a dent in the process" of selling the unit. Of particular note was the unsuccessful merger between giants British Telecommunications PLC and Cable & Wireless PLC which forced many players to reassess their positions.

Analysts' estimate the value of the British unit is worth between $524m and $708m. Videotron reportedly wants cash, or mostly cash, to bolster its funds for expansion of its North American cable operations including a move into the telephone business in Canada.

Copyright July 1996 Crain Communications Inc.

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