P.M. BRIEFING : Thorn-EMI Bids for British TV

Thorn-EMI PLC entered the fray for part of Britain’s independent television market, making a bid today worth $297 million for Thames Television.

Thames was described as Britain’s largest independent television contracting company.

“Thorn-EMI considers that Thames has an exciting future,” according to a statement by the entertainment giant, best known as the parent of the EMI recording label. Thorn-EMI also makes lighting equipment and home appliances.

The Thames franchise, like other independent television contractors, has suffered from a downturn in television advertising revenue caused by a recession in Britain’s economy. Thames, at 15%, holds the biggest share of advertising revenue among the British independent television companies, analysts said.