It might not be the biggest deal of the Millennium, but the former Boomtown Rat and Live Aid organiser, Bob Geldof, is about £5 million sterling richer after selling off his Planet 24 television company to the London-based group Carlton Communications plc.
The Carlton deal is thought to have come in at around £15 million - Planet 24 sources have said the figure is a little higher - and Mr Geldof will share proceeds with his two partners at Planet 24, Lord Waheed Alli and Mr Charlie Parsons.
Lord Alli will join the Carlton Television board next month as managing director of Carlton Productions with responsibility for developing the group's TV production activities, including its digital and satellite channels.
Mr Geldof and Mr Parsons "will continue their close association" with Planet 24, including developing ideas for new programmes on ITV, Channel 4 and radio stations, but they will not be Carlton employees.
Planet 24, which was founded by Mr Geldof and his partners in 1992, was the largest independent television company in Britain, but Carlton announced yesterday that it had acquired a major "talent factory, an ideas factory" in acquiring the group.
The stars in Planet 24's repertoire include Channel 4's The Big Breakfast, The Word and the music show Hotel Babylon and it has launched the careers of several British television personalities including Johnny Vaughan, Denise Van Outen, Chris Evans and Mark Lamarr.
Mr Geldof described Planet 24's achievements in glowing terms, saying in a statement: "I'm as proud of Planet 24 as anything else I've done. This one company managed to shift the way television looked, so that nowadays our screens are awash with Planet 24 `wannabe' programming. We have given the country a television institution in the Big Breakfast and Channel 4 an identity through our most memorable shows."
Mr Parsons said Planet 24 had achieved a great deal in a short time. "It is extremely exciting for all concerned."
Last year Planet 24's turnover was £17 million sterling with pre-tax profits of £1.54 million. Yesterday's acquisition is the second big deal of 1999 for Carlton, which paid £91 million for the ITC television company and film library in January.
Launching Planet 24 on to a bigger canvas, Carlton's new chief executive, Mr Steven Cain (34), said: "Planet 24 has an excellent track record in developing innovative ideas and attracting talent. We are buying the business to develop it further."
A spokesman for Planet 24 said last that apart from Mr Geldof's public statement that he wished to "pursue a career in astrophysics", he would no doubt continue with his music career.
