Media giant AOL Time Warner left the door open today to making a move on British entertainment companies, saying it was interested in British-based broadcasters and had not given up hope on music rival EMI.
AOL Time Warner CEO, Mr Richard Parsons said Europe remained a long-term growth engine for the world's biggest media company and Britain represented a crucial springboard, but he signaled he would not be rushing to forge deals at current prices.
"The UK is a very attractive market and any of us would like to be here and be more embedded in this market," Parsons told a television conference during a visit to London.
But despite deregulation that could finally open up UK broadcasters to foreign media groups, he added: "at the current (valuations) that some of these assets are trading at, I don't think there's going to be a stampede in the bidding process."
AOL Time Warner is reviewing its international operations as its flagship Internet group falters. Yesterday the group said results for its online unit would fall below expectations this year due to the advertising slump.
Parsons said the main priority now was "getting the house in proper order and making sure (AOL Time Warner) is positioned strategically and from a standpoint of profitability."
Looking at possible opportunities in Europe, Parsons said he was still convinced Warner Music's failed merger with British music company EMI would have been a "brilliant transaction."
"The timing was not right... the regulatory environment was not ready for five (music) majors to go to four... All I can say is, we never give up, we live in hope," Parsons said.