City cheers TV's new star turn
Article Abstract:
Granada Group PLC has become a stock market favorite after three years of strong performance. Granada, which started off as a television production company before its expansion into computer services, hotels and holiday travel in the 1980s, reached a low point in 1991 when it registered losses of 110 million pounds sterling. Since then, the company has made a remarkable turnaround by focusing on its core UK businesses, disposing of problematic international acquisitions and cutting costs by reducing its workforce to around 6,000 people. Henry Staunton, the former Price Waterhouse partner who was hired in 1993 to be Granada's group finance director, played a key role in Granada's turnaround. Under Staunton's astute management, Granada's finances have improved significantly, with 1994 profits reaching 256 million pounds, divided almost evenly among its television, leisure and computer services businesses.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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Will it be all right on the night?
Article Abstract:
The British television broadcasting industry is undergoing profound changes. Through the 1990 Broadcasting Act, competitive tenders for new franchises were implemented on Jan 1 1993. Carlton Television outbid Thames Television and is now airing. This signals the dawn of a more populist Independent Television (ITV) and the possible decline of public service broadcasting in UK. This means that ITV will concentrate on pursuing maximum profits instead of philanthropic goals. Such transformations will inevitably further erode viewership of the British Broadcasting Corp (BBC). More competition are expected from cable and satellite television as subscription is already rising steadily. BBC would have to respond to these changes by improving its efficiency and focusing on services not provided by the market.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1993
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Broadcasting's biggest gamble
Article Abstract:
The licences of Independent Television (ITV) will expire on Dec 31 1992, when their contracts with the Independent Television Commission, formerly the Independent Broadcasting Authority, expire. The current ITV stations will not be guaranteed an extension of their licenses when the new round of competitive bidding for licenses commences. Present ITV stations must participate in the competitive bidding for licenses, and some stations may cease to exist on 31 Dec 92. Preparing an application, which will include a detailed business plan, for the new licensing round will will cost one million pounds sterling or more. Licenses will not be awarded solely on the basis of the highest bid, but will take into account the quality of the applicant's proposed programming.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1991
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