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In April 1996, International CableTel acquired National Transcommunications Ltd (NTL), originally the Engineering Division of the Independent Broadcasting Authority (IBA) responsible for designing, building, operating, and maintaining a national transmission network for commercial broadcast use. The following year, International CableTel changed its name to NTL.
International CableTel, itself, was formed by Cellular Communications Inc (CCI) in October 1993 to develop, construct, and operate broadband communications services in the UK. In June 1996, International CableTel launched commercial cable TV and telephony services in its Northern Ireland franchise.
Following substantial debt problems and a recapitalisation plan, NTL was split into NTL Inc and NTL Europe in January 2003, with NTL Europe acting as a holding company for the old NTL's non-core assets - essentially, all the former company's European operating activities. NTL Inc incorporates all of the former NTL’s UK and Ireland operations. NTL Europe was renamed PTV Inc in January 2004.
With headquarters in both the US and the UK, NTL’s activities are mainly in the UK and the company provides products and services across all key telecommunications sectors: telephony, cable TV, data management, broadcasting, satellite services, radio communications, carrier services, Internet, and digital technology.
NTL operates in four segments - ntl Home, ntl Business, ntl Carriers, and ntl Ireland. In January 2005, the company concluded the sale of its broadcast division to a consortium led by Macquarie Communications Infrastructure Group for approximately UK£1,270 million. At that time, NTL said it planned to use up to UK£475 million of the proceeds to repurchase its common stock and UK£500 million to repay debt outstanding under its UK£2,170 million credit facility.
Also in January 2005, NTL was reported to be seeking to sell ntl Ireland. In February, companies were reported to be lining up to bid for the company.
As of April 2004, NTL Inc’s shareholders included: FMR Corp (15.0%), W.R. Huff Asset Management Co (12.9%), Franklin Mutual Advisers (8.3%), France Telecom (8.2%), Oaktree Capital Management (7.1%), Wellington Management Company (5.9%), American Express Financial Corporation (5.8%), and Massachusetts Financial Services Company (5.2%).
