The troubled cable company sold its holdings for 85p a share to SMG institutional investors, raising a total of £45.1m. It was rumoured that companies, including Granada, were interested in buying the stake. However, if Granada had succeeded, it would have then been forced, under stock market rules, to make a bid for the whole group.
SMG is also looking to sell other assets and has put its Herald newspaper group up for sale, as it seeks to clear its debts, which are around the £380m mark.
Charles Burdick, managing director of Telewest, said: "We are pleased to have placed the SMG shares at a fair price and the proceeds will be utilised to further our progress in our core business."
Shares in Telewest were trading up 2.5% at 1.24p this afternoon.
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