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TV gambling venture canceled

Monday, Oct. 22, 2001 | 9 a.m.

LONDON -- Hilton Group Plc and British Sky Broadcasting Group Plc canceled a plan to offer a betting service on Sky Sports and other television channels after the proposal was referred to the U.K.'s competition authority.

The agreement gave Europe's second-biggest pay-TV company and Ladbrokes, Hilton's betting and gaming division, exclusive rights for five years to provide interactive sports betting on BSkyB channels. Britain's Competition Commission said it was probing the deal.

"BSkyB and Ladbrokes have decided to discontinue negotiations relating to the proposed joint venture," the two companies said in a statement distributed by the U.K.'s Regulatory News Service. "The companies will continue to discuss other business opportunities."

The pay-TV company is adding services to bolster revenue from subscribers. Ladbrokes, meantime, aimed to combine its less profitable Vernons football-pools business with BSkyB, leaving it with a 50 percent stake.

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