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ntl/Telewest - Changes at the Top

# Dec 16, 07:42 AM by Nemesis

It was announced yesterday on the www.sec.org site that there are to be changes to the management structure of ntl, and in turn the merged company. Stephen Burch has been appointed ntl’s President and Chief Executive Officer with effect from 16 January 2006.

The filing went on to say “Stephen succeeds Simon Duffy, will become ntl’s (and the combined company’s) Executive Vice Chairman.”

Merger Reversal

As part of this filing, it was confirmed that the merger reversal that we speculated on here was true.

“ntl is also announcing an amendment to the merger agreement between the parties. Under the terms of the original merger agreement, ntl was to acquire Telewest as the parent corporation. However, the merger agreement provided that the transaction could be restructured as a reverse acquisition, so that the parent corporation would be Telewest rather than ntl. This would not affect either the underlying economics of the transaction or the proposed management of the combined company.”

This means that the merged company would not need to pay the BBC £100M to change the contract in regards to the UKTV partnership with Telewest.

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