Digest: Game over; Comcast vow
European sports pay TV powerhouse Setanta Sports has ended exploratory talks about a possible sale as potential buyers weren't ready to pay the reported 1 billion pound ($2 billion) asking price, reports said. U.K. telecom giant BT, broadcaster ITV and Disney's ESPN had been cited as possible buyers. The company never officially said that it had put itself up for sale, but instead appointed Goldman Sachs, a 20% shareholder in the firm, to look at suitors.
Comcast chairman and CEO Brian Roberts is vowing that the cable giant will rebound from a sluggish performance during second-half 2007. "Despite this solid operating and financial performance, our results did not quite meet our expectations -- or yours -- and our stock price declined 35% after a banner year in 2006," he said in a review of 2007 published Monday on the firm's Web site. "We are aggressively responding to the challenges we faced in the second half of 2007, including intensifying competition and a weakening economy." Among the key strategies are continued new product rollouts with capital spending tied closely to the addition of new customers.
Spanish cable TV company Sogecable said Monday that its independent financial adviser Morgan Stanley considers the 28-euro-per-share cash offer by controlling shareholder Prisa for the rest of the company that it doesn't own yet as "fair." The offer represents a 14% premium over the company's share price before the bid announcement.