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Carlton raises $566 million

Cash to help cover debt, ITV Digital

LONDON — ITV company Carlton Communications has raised 639 million euros ($566 million) through a convertible bond issue.

The cash, which monetizes Carlton’s 5.5% stake in France’s Thomson Multimedia, will be used to service debt and help cover losses at ITV Digital, the troubled pay TV platform Carlton co-owns with fellow ITV company Granada.

The move will ease concerns that the company is exposed.

Carlton and Granada have to date spent roughly $1.1 billion on ITV Digital and will have to invest at least $400 million more before the platform breaks even.

ITV Digital has 1.2 million subscribers, arch rival satcaster BSkyB has 5.5 million.