BBC sells multimedia division for £166m

The BBC said today it had secured the sale of multimedia subsidiary BBC Broadcast in a deal with an Australian consortium worth £166m (€249m).

The division, which handles channel promotion and branding, subtitling, and play-out – the process of broadcasting a channel – is to be jointly owned by investment fund Macquarie Capital Alliance (MCAG) and Macquarie Bank.

As part of the deal, the new owner has agreed to a one-year moratorium on compulsory job losses and pledged to protect staff conditions.

The BBC put the business up for sale following an internal review of its commercial businesses announced in December.

The Corporation said today it was now the right time for the business to “flourish under new ownership with increased investment”.

The sale is expected to be completed by the end of July.