Greek Telco Makes Pay-TV Bid

ATHENS: The Greek telecommunications company OTE has made an offer to acquire the pay-TV platform NOVA from Forthnet for between 250 million and 300 million euros.

The Forthnet board says it is evaluating the debt-free and cash-free offer for NOVA, a satellite-delivered pay-TV service that has been in operation since 1999. According to Forthnet's most recent interim financial statement, the company made about 38 million euros in revenues from pay-TV services.

"OTE has been developing its pay-TV operations successfully during the past few years and sees significant growth potential for Greek pay-TV services, to the benefit of consumers," OTE said in a statement. "OTE believes the intended agreement will be beneficial to all involved parties and is consistent with OTE Group’s strategic priorities."

Barclays is advising OTE on the proposed transaction.