Entertainment giant AOL Time Warner has admitted it is interested in buying a British TV company when legislation changing media ownership here comes into play. They also said they hadn’t given up on acquiring EMI, the only major label with a truly British base.
Warners and EMI tried to merge their music operations last year but were blocked by EU officials worried about the global music industry being in the hands of too few multi-nationals. Speaking to the Royal Television Society, Warners chief executive Richard Parsons said of the merger: "It would have been a brilliant transaction but the timing was not right. The regulatory environment was not ready for five music majors to go to four ... All I can say is, we never give up, we live in hope."
On the TV front he told the audience of broadcasting bosses he was interested in following up the group’s acquisition last year of UK publishing group IPC (publishers of NME and Muzik amongst others) with the takeover of a UK TV company. Industry insiders reckon Channel 5 or one of the major cable channels would be most likely, though the group may set it sights on ITV.
However, like with the EMI deal, any move into UK TV would need government approval. Though Trade Secretary Patricia Hewitt is keen to open up British TV companies to foreign ownership she still faces opposition from her own MPs.