Tech
Microsoft has sold its stake in Britain's second largest cable operator, Telewest, to US telephony operator IDT.
The move results in IDT acquiring a stake of around 24% in Telewest, which is currently negotiating with various parties about a debt-for-equity refinancing arrangement in order to stabilise its balance sheet.
Liberty Media, which has in the past been linked with playing a major role in any Telewest restructuring process, holds a 5% stake in IDT Telecom, a subsidiary of the parent IDT Corporation. The stake in Telewest was bought by IDT Venture Capital Inc. Liberty holds a 20% stake in Telewest - and as such, speculation has restarted that cable mogul John Malone, who owns Liberty Media, is going to make a play for Telewest during or immediately after the refinancing arrangement.
The move results in IDT acquiring a stake of around 24% in Telewest, which is currently negotiating with various parties about a debt-for-equity refinancing arrangement in order to stabilise its balance sheet.
Liberty Media, which has in the past been linked with playing a major role in any Telewest restructuring process, holds a 5% stake in IDT Telecom, a subsidiary of the parent IDT Corporation. The stake in Telewest was bought by IDT Venture Capital Inc. Liberty holds a 20% stake in Telewest - and as such, speculation has restarted that cable mogul John Malone, who owns Liberty Media, is going to make a play for Telewest during or immediately after the refinancing arrangement.
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