Adverse market conditions for technology stocks forced Yes Television to cancel its planned £560m flotation at the weekend. It will instead seek direct investment from media, telecoms and financial groups.
The UK video-on-demand operator announced its decision on Saturday, after the Techmark 100 – Britain's technology rich stock index – suffered its biggest ever percentage fall on Friday.
Steve Garvey, Yes TV's head of marketing, told the Financial Times: “We just got clobbered by the market. I would challenge anyone to get another high-technology flotation out there at the moment.”
Yes TV is already thought to have held discussions with cable operators including United Pan-Europe Communications, a European cable business, over a possible strategic investment.