Flextech Plc, the UK satellite and cable broadcaster, accompanied figures yesterday with news that it is forming two joint ventures with BBC Worldwide Ltd to develop and launch digital subscription television channels. As part of the deals, it will issue 34.95 million new shares to Pearson Plc, Cox Communications Group Inc and BBC Worldwide worth about 270m pounds. Under the deal, Flextech will buy the equity share capital of UK Gold and UK Living it does not already own – 75% and 68.75% respectively, but it will sell on the 65% share capital of UK Gold. It says the deal with BBC Worldwide Ltd will give it the first option for digital terrestrial transmission on five channels on one of the channel multiplexes being bid for by British Sky Broadcasting Plc’s British Digital Broadcasting consortium.
