The BBC's broadcast unit, BBC Broadcast, has been sold to Macquarie Capital Alliance and Macquarie Bank for £166m.

The deal remains subject to Government approval; if approved, BBC Broadcast will transfer to its new owners during the summer.

"It is now time for the business to flourish under new ownership with increased investment," said Pam Masters, BBC Broadcast's managing director. "We feel confident the decision is right for our business and our staff, and I look forward to working with them to fulfil the potential of this fantastic business."

The BBC reasoned that selling off Broadcast would "provide the business with opportunities for growth which are not available whilst it is owned by the BBC." An ongoing contract with the BBC to provide broadcast services is in place, and the new owners have given the corporation assurances on pensions and terms and conditions for BBC Broadcast staff.

Broadcasting union BECTU called the announcement a "shock," and has called for urgent talks with the government. Although the union welcomed Macquarie's assurances on pensions and terms and conditions, it said the BBC is "selling the family silver" by spinning off units like Broadcast into the private sector.