Setanta to stop broadcasting
Irish pay TV operator with four U.K. channels to closeLONDON -- Irish pay TV operator Setanta Sports is to shut down its U.K. operations and cease broadcasting here after failing to secure a bailout deal.
The broadcaster, which operates four channels in the U.K., has been placed in administration, with accountants Deloitte appointed to oversee the business wind-down -- expected to result in the loss of 200 jobs in the U.K.
Setanta's Irish and international operations are expected to continue in some form.
The pay TV operator has already suspended the collection of its subscription revenues from customers.
"After a huge effort by the Setanta board, management team and its backers, it has not been possible to save the Great Britain business, which will be wound down in due course," Deloitte said in a statement.
Setanta chairman Robin Miller said it was "a sad day for all concerned."
"Unfortunately, in a difficult and highly competitive market and despite strenuous efforts by the board and management, it has not been possible to find sufficient additional funds in the time available to ensure its survival," he added.