JP Morgan backs Premium TV

NTL subsid in market for sports rights

LONDON — JP Morgan has made an major investment in Premium TV, U.K. cabler NTL’s sports programming subsid.

It is reported that the U.S. investment bank has paid approximately £100 million ($142 million) for a 49% stake in the company. A spokesperson would only confirm that an investment had been made.

The cash will likely be used for acquiring rights for British Sport, NTL’s new sports channel skedded for launch in September.

NTL has just completed a $1 billion bond sale to secure its funding for next two years (Daily Variety, May 11).

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