Got my facts a little muddled Riz...here is the actual text.
RNS Number:8879Z
Telewest Communications PLC
5 March 2001
Telewest sits-up to screen commerce content champion
Telewest Communications, the leading broadband communications group, is
going into partnership with sit-up Ltd, in a deal that creates a new force
in TV home shopping. The two groups are to combine their home shopping
channels - Screenshop and bid-up.tv - and will look to launch new channels
and aggregate further screen commerce content.
Telewest is to inject #14.8 million cash into sit-up, which was founded last
year by ONdigital pioneers Ashley Faull and John Egan. In return, sit-up
will buy Screenshop from Flextech, the content arm of Telewest, for #10
million. Telewest will have a 38 per cent stake in the enlarged sit-up
business.
The two existing channels offer t-commerce across a range of platforms,
which will now include long-term carriage for bid-up.tv on Telewest's Active
Digital platform. There are clear opportunities for the two channels to
enjoy enhanced combined revenue streams as well as sharing purchasing and
distribution costs.
sit-up's strong management team have created a t-commerce model that has
proven successful after less than six months on air. bid-up.tv is a live
shopping channel that provides 112 entertaining auctions every day, selling
everything from jewellery to wine to memorabilia such as Muhammed Ali's
boxing shorts. Viewers can call or web-surfers can visit
http://www.bid-up.tv to
bid and participate with ease in the excitement of a live auction.
The channel complements Screenshop, which is a 24-hour infomercial channel
selling a wide range of beauty, home and fitness products. The cross
promotional opportunities are significant, not just between the two shopping
channels but also from Flextech's wider portfolio of pay-tv services and
websites.
Mark Luiz, chief executive of Flextech, the content division of Telewest,
commented:
'Flextech has been a pioneer of and long-term believer in the power of
interactive TV and screen commerce. This deal is a further example of our
strategy to create value through forging partnerships with other well-
managed, entrepreneurial businesses. It also harnesses our combination of
contentskills and the strength of the Telewest platform.'
John Egan, joint managing director of sit-up, added:
'We are thrilled by this deal with Telewest, which has a creative and
vibrant culture, and a great digital cable platform. Sharing our expertise
and respective strengths in screen commerce is the best way to ensure a
strong and profitable future. Our team is looking forward to working with
Screenshop, leading the development of interactive video content in the UK.'
For further information, please contact:
For Telewest:
John Murray 020 7299 5888
Director of policy and communications
Sarah Tovey 020 7404 5959 /
[email protected]
Brunswick
For sit-up:
Ashley Faull 020 8600 9717 /
[email protected]
Joint managing director, sit-up
Photographyis available on request
Notes to Editors
Telewest
Telewest Communications, the broadband communications and media group,
currently provides multi-channel television, telephone and internet services
to 1.7 million UK households, and voice and data telecommunications services
to over 60,000 business customers. Its content division, Flextech, is the
biggest provider of basic channels to the UK pay-tv market and is the BBC's
partner in UKTV, which has a portfolio of pay-tv channels based on the
corporation's programming, including UK Gold.
Screenshop is Flextech Television's UK-based home shopping service selling
products 24 hours a day, 365 days a year on Sky Digital channel 645 and
online at
http://www. screenshop.co.uk.
sit-up Ltd
sit-up Ltd is the UK's first interactive video content provider, set up to
create and exploit 'sit-up' entertainment opportunities in the convergence
of digital TV and Internet. Launched in 1999 by Ashley Faull and John Egan
(two founding board members of ONdigital), sit-up is wholly focused on the
exciting opportunities surrounding the provision of interactive video
content for the next generation of broadcasting.
bid-up.tv is the first sit-up channel and the world's first interactive
auction channel. Viewers and surfers can participate in live instant
auctions every day from 10am to midnight on Sky Digital channel 647, in
Telewest Active Digital's walled garden, on BTopenworld and at
http://www.bid-
up.tv.
END
Steve
