BBC Worldwide has issued a statement in response to Woolworths Group plc applying for administration, the U.S. equivalent of bankruptcy, highlighting that BBC/Woolworths joint venture 2 entertain is not in administration.
It reads: “Following an announcement from Woolworths Group plc, BBC Worldwide would like to make it clear that 2 entertain is not in administration. 2 entertain remains a profitable and well-funded business. Therefore the focus for 2 entertain is on business as usual.”
BBC Worldwide is now in discussions with the administrator of Woolworths Group plc regarding the future of 2 entertain.
2 entertain is a leading U.K. audio/visual packaged media business, of which 60% is owned by BBC Video, a division of BBC Worldwide.
Billboard.biz first reported the retail and distribution businesses owned by Woolworths Group plc, including EUK, were to go into administration on Nov. 26.
