LONDON — Yes Television, the video-on-demand online company, has delayed its planned stock market debut because of the collapse of new media share prices.
Yes had intended to offer stock worth around £193 million ($307 million), or about a quarter of its equity, on Monday (April 17). Instead, Yes will delay its IPO until the markets recover.
The outfit — at present with less than 1,000 subs in north eastern England — plans to roll out nationally through British Telecom’s ADSL network and broadband cable systems.
Yes already has $72 million in the bank and counts both Warner and Disney as minority shareholders. Last week, however, it took a blow to its fortunes when cabler NTL dropped the service after 18 months of trials.