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12/06/2009
Setanta Sports Saved In £50m Rescue
The troubled Irish broadcaster Setanta Sports has been spared the chop after an international backer stepped in to save the channel.
Founders Michael O’Rourke and Leonard Ryan have secured an international backer in the dying minutes, securing the future of the Dublin-based pay-per-view TV sports broadcaster.
The broadcaster's board of directors met during the week in London with a spokesman for the company confirming that a "number of live options" to rescue the group were being considered.
The channel had suffered losses of €173 million and was facing going into administration by the end of this week after failing to make payments due on TV rights to the premiership and Scottish soccer leagues.
The deal, if it goes ahead, would secure around 450 jobs at the broadcaster, including 200 in Ireland.
Mr O'Rourke and Mr Ryan will put an offer for a majority stake in the cash-strapped business to the company's directors at another board meeting in London.
This offer is backed by a major international group and will involve an investment of about £50 million (€58.7 million) in the company.
Accounting firm Deloitte was placed on standby to act as administrator to the business if new investment could not be secured.
Setanta has about 1.2 million premium subscribers but, according to analysts, needs 1.9 million to break even. The firm is believed to close to breaking even but the loss of the Premier League rights raised questions about its ability to retain its existing customer base.
(DW/JM)
Founders Michael O’Rourke and Leonard Ryan have secured an international backer in the dying minutes, securing the future of the Dublin-based pay-per-view TV sports broadcaster.
The broadcaster's board of directors met during the week in London with a spokesman for the company confirming that a "number of live options" to rescue the group were being considered.
The channel had suffered losses of €173 million and was facing going into administration by the end of this week after failing to make payments due on TV rights to the premiership and Scottish soccer leagues.
The deal, if it goes ahead, would secure around 450 jobs at the broadcaster, including 200 in Ireland.
Mr O'Rourke and Mr Ryan will put an offer for a majority stake in the cash-strapped business to the company's directors at another board meeting in London.
This offer is backed by a major international group and will involve an investment of about £50 million (€58.7 million) in the company.
Accounting firm Deloitte was placed on standby to act as administrator to the business if new investment could not be secured.
Setanta has about 1.2 million premium subscribers but, according to analysts, needs 1.9 million to break even. The firm is believed to close to breaking even but the loss of the Premier League rights raised questions about its ability to retain its existing customer base.
(DW/JM)
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24 June 2009
Setanta Sports Put Out In Extra Time
Irish broadcaster Setanta Sports have finally gone into administration as their last minute attempts to save the sports channel fell short of the line.
Setanta Sports Put Out In Extra Time
Irish broadcaster Setanta Sports have finally gone into administration as their last minute attempts to save the sports channel fell short of the line.
24 August 2011
Crowley Won't Seek FF Nomination For Presidency
Brian Crowley has announced that he will not be seeking Fianna Fáil's nomination for the forthcoming Presidential election in the Irish Republic. The party's MEP for Ireland South had previously expressed his desire to run for president to party leader Micheál Martin.
Crowley Won't Seek FF Nomination For Presidency
Brian Crowley has announced that he will not be seeking Fianna Fáil's nomination for the forthcoming Presidential election in the Irish Republic. The party's MEP for Ireland South had previously expressed his desire to run for president to party leader Micheál Martin.
24 January 2014
RTÉ Cut Free Guides For Retired Staff
RTÉ bosses have ordered the suspension of a scheme that gave retired staff free copies of 'RTÉ Guide', in a move that could see the broadcaster save more than €100,000 a year. Cuts at the station, which began in 2010, have to date resulted in savings of €135 million. The station has also cut some 500 staff.
RTÉ Cut Free Guides For Retired Staff
RTÉ bosses have ordered the suspension of a scheme that gave retired staff free copies of 'RTÉ Guide', in a move that could see the broadcaster save more than €100,000 a year. Cuts at the station, which began in 2010, have to date resulted in savings of €135 million. The station has also cut some 500 staff.
28 August 2007
Cocaine Seizure In Co. Louth
Cocaine with an estimated street value of one million euros has been seized by gardai in Co. Louth. It is understood that 12kg of the drug were found during a raid by local detectives and members of the Garda National Drugs Unit on a house in Dunleer on Tuesday morning.
Cocaine Seizure In Co. Louth
Cocaine with an estimated street value of one million euros has been seized by gardai in Co. Louth. It is understood that 12kg of the drug were found during a raid by local detectives and members of the Garda National Drugs Unit on a house in Dunleer on Tuesday morning.
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Ireland WeatherToday:Some low cloud lingering in the north and west through the day, although cloud should burn back to the coast as the day goes on. Elsewhere some good sunny spells with very little cloud. Warm with light winds. Maximum temperature 22 °C.Tonight:A sunny evening for most except where cloud lingers along the north coast. Cloud will increase for a lot of areas overnight with mist and fog patches developing. Minimum temperature 7 °C.
