Creative Broadcast Services is now the new owner of BBC Broadcast. The BBC sold its services company to Creative Broadcast Services for about $315 million.
The Secretary of State for Culture, Media & Sport must approve the completion of the sale. Once approved, the transfer will take place this summer.
Creative Broadcast Services, owned by the Macquarie Capital Alliance Group and Macquarie Bank, has been selected as the new owner following an extensive and rigorous evaluation of final bids from several financial and industry buyers. Macquarie Communications Infrastructure Group, another subsidiary of Macquarie Bank, is part owner of Arqiva, formerly NTL Broadcast.
With 1100 employees, BBC Broadcast provides a range of services to the BBC, including television playout, promo and creative and accessibility services.
The sale follows the BBC's internal review of its commercial businesses. The services provided by BBC Broadcast, while vital to the BBC, were not viewed as necessarily needing to remain in BBC ownership. Creative Broadcast Services will provide the business with opportunities for growth that are not available under BBC ownership, but will have the stability of an ongoing contract in place with the BBC.