BBC Worldwide has taken on its first commercial partner for its
internet businesses, with the US private equity group TH Lee Global
Internet Managers taking a pounds 32.5 million stake in the new beeb
Ventures Limited.
The new company, which has been formed to house beeb.com and
freebeeb.net, is valued at pounds 240 million, following THLi’s stake.
The move could signal the first of many deals as the BBC steps up its
efforts to gain greater value from its commercial businesses. The
capital from THLi will be used to develop its technology, expand its
services and market them.
Rupert Gavin, the chief executive of BBC Worldwide, said: ’The deal
comes at a time of exceptional market opportunity, due to a forecast of
explosive growth in UK e-commerce. THLi’s investment and expertise,
together with the strength of the BBC brand, gives beeb.com and
freebeeb.net a major strategic advantage in a rapidly growing
marketplace.’
Beeb.com, an online shopping guide, and freebeeb.net, a pay-as-you-go
internet service provider, will have a marketing budget of pounds 7
million. New sites are planned, the content and functionality on
existing sites will be improved and the BBC is looking into developing
new platforms in interactive TV and on WAP phones.
Gavin has emphasised that the development of BBC Worldwide’s internet
businesses will be kept distinct and separate from its public service
sites. The BBC, however, is keen to exploit its commercial activities to
help plough funds back into programme development.
BBC Worldwide already has joint ventures with Discovery Channel and
cable and satellite operator Flextech.
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