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Last Updated: Friday, 22 July, 2005, 16:57 GMT 17:57 UK
BBC Broadcast sell-off approved
BBC director general Mark Thompson
Director general Mark Thompson approved the sale of BBC Broadcast
The government has approved the BBC's sale of its technical services subsidiary BBC Broadcast to an Australian consortium for 166m.

The deal is now unconditional, and is expected to be completed on 31 July.

Creative Broadcast Services, owned by the investment fund Macquarie Capital Alliance Group and Macquarie Bank Limited, will be the new owner.

A recent BBC internal review recommended the sell-off, despite union Bectu attacking the deal.

Bectu represents many of the 1,100 employees who will be affected.

The new owners have agreed to a one-year moratorium on compulsory job losses.

BBC Broadcast handles technical services and channel branding for the corporation as well as a number of outside clients.

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