12 June 2009

Top Up investor buys into struggling Setanta

It would appear that reports of Setanta's death may have been greatly exaggerated, after the news that Top Up TV investor (and US billionaire) Leonard Blavatnik has offered the broadcaster £20million in exchange for a 51% stake in the business. The cash, which will only tide the company over, rather than provide long-term financial support, comes just in time for Setanta, which has been staring down the barrel of an administration gun* for most of this week, and stopped taking on new customers on Wednesday.
*apologies for the terrible metaphor.