Liberty to liquidate WorldSpace's India biz - dnaindia.com
There seems to be more to the sudden closure of US-based satellite radio service provider WorldSpace Inc’s operations in India than meets the eye.
Employees of the satellite radio service company have learnt that American media conglomerate Liberty Media, which has acquired WorldSpace’s worldwide liabilities and is in the process of taking over its assets, is planning to liquidate operations in India “to wipe off the current liabilities with subsidiary, subscribers, employees, vendors and business associates.”
After that, the potential new owner will provide services in India through the WorldSpace satellite “at a later date.”
In a note addressed to Prime Minister Manmohan Singh, the employees of WorldSpace India have written that the whole process was being carried out in a hushed manner to avoid participation of Indian investors in the deal.
“Despite India being a primary market, the sale of the asset is being concluded without publicising the same in India and ruling out any possibility of a domestic investor in India participating in the sale,” states the letter to the PM and ministries concerned.
Apparently, domestic direct-to-home (DTH) service vendors Reliance Big TV and Tata Sky had evinced interest in acquiring the operation of the satellite radio service provider.“The discussion, however, with both of them never moved to the second stage,” said a WorldSpace official who did not want to be named.
There seems to be more to the sudden closure of US-based satellite radio service provider WorldSpace Inc’s operations in India than meets the eye.
Employees of the satellite radio service company have learnt that American media conglomerate Liberty Media, which has acquired WorldSpace’s worldwide liabilities and is in the process of taking over its assets, is planning to liquidate operations in India “to wipe off the current liabilities with subsidiary, subscribers, employees, vendors and business associates.”
After that, the potential new owner will provide services in India through the WorldSpace satellite “at a later date.”
In a note addressed to Prime Minister Manmohan Singh, the employees of WorldSpace India have written that the whole process was being carried out in a hushed manner to avoid participation of Indian investors in the deal.
“Despite India being a primary market, the sale of the asset is being concluded without publicising the same in India and ruling out any possibility of a domestic investor in India participating in the sale,” states the letter to the PM and ministries concerned.
Apparently, domestic direct-to-home (DTH) service vendors Reliance Big TV and Tata Sky had evinced interest in acquiring the operation of the satellite radio service provider.“The discussion, however, with both of them never moved to the second stage,” said a WorldSpace official who did not want to be named.
