This move comes after mounting speculation that pressure on BT to pay off mounting debts will necessitate the sale of assets. Eager to hold onto Genie as the core in its plans to profit from the mobile Internet, this restructuring comes as little surprise.
Genie will continue to work with BTopenworld and other parts of the BT Group to develop further a fully functional multi-access Internet portal. Launched by BTopenworld in January, the portal is a single point from which customers of broadband, narrowband and mobile services can access on-line content and applications via PC, WAP mobile phone, handheld devices such as PalmPilots and, in the future, interactive TVs.
A BT spokesman explained: Genie provides benefits to both BT wireless and BTopenworld with its management playing a key role in both businesses.
We have now decided that BT wireless should have the controlling interest in Genie as it is the main beneficiary, whilst enabling synergies with other parts of the company.
