Mon, 28 Jun 2010 | BUSINESS SALE
Free-to-air channel Film24 has been placed on the market by its main shareholder Angad Paul, who chose to withdraw his funding support from the business last month.
The channel, which is aired on Sky, offers films and other programmes and has an average of 800,000 viewers. It is run from Pinewood Studios in Buckinghamshire.
Canis Media is now running the business. Canis has been mandated to manage the sale process of the channel or the company and is also considering ways to build on the brand. Canis buys and sells electronic programming slots on the satellite platform.
About ten businesses have reportedly expressed interest in the sale, though no potential buyers have been revealed as yet.
Mr Paul, the chief executive of Caparo, co-founded the channel with Nicky Davis, chief executive, and Andrew Burns, chief executive operating officer.
Paul’s aims for Film24 would have seen it become a ‘leading international film portal across multiple integrated platforms’. He is now prepared to offload the channel, being unwilling to support it any longer.
Though it has a reasonable number of viewers, the single-channel firm has been unsuccessful in its efforts to establish itself amongst larger rivals.
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