Optus denies sales rumors

Shares rise 11% despite possible $34 mil loss this year

SYDNEY — Australian telephone and pay TV player Cable & Wireless Optus has denied media reports its moribund feevee business is on the market for A$200 million ($128 million).

Rupert Murdoch’s newspaper the Australian said the U.S.’s AT&T, Canada’s CanWest and the U.K.’s NTL were investigating buying the loss-making channel operator, which at about 225,000 subscribers lags behind UnitedGlobalCom’s Austar and Murdoch’s Foxtel.

Optus, which shoulders a programming tab of $51 million, is reportedly set to lose $34 million this year, down from $58 million last year.

As telephone and technology stocks surged on the Australian Stock Exchange, Optus shares rose 11% to a record $3.10.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety