LONDON -- Telewest confirmed Tuesday that it has scrapped plans to sell off its programming business Flextech.
The U.K. cable firm, which is completing a complex debt for equity swap to reduce its £5.3 billion ($8.8 million) debt, was considering selling if the right offer came along. It now plans to bring the division closer to the heart of the company, which may result in a name change.
Telewest CEO Charles Burdick believes that having a strong bouquet of Flextech channels will be an invaluable cross-promotional tool to attract customers to its broadband service Blueyonder. It will also give the company leverage when negotiating carriage deals with satcaster BSkyB.
Flextech owns a bouquet of pay TV channels including Trouble, Bravo and FTN, and has a 50% stake in UKTV joint venture with pubcaster the BBC, which counts U.K. Gold, U.K. History and U.K. Living among its channel line-up.
Company is looking for a replacement for managing director Jane Lighting, who quit to become chief exec of commercial web Five. Flextech programming chief Lisa Opie is tipped to get the job.
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