NTL has agreed to sell an Australian subsidiary in a deal worth £308.3 million sterling.
NTL Australia, which owns and operates an extensive terrestrial broadcast transmission network, is to be bought by investment bank Macquarie. The bank is also expected to assume outstanding debt of £82.3 million.
NTL chief executive Mr Barclay Knapp says the Australian business had performed above expectations but that the group's priorities lay elsewhere.
He said: "Given the focus on our core businesses in Europe and the principle of maximising stakeholder value, we believe that today's transaction allows us to achieve both objectives".
NTL is working with three investment banks on finding a way of reducing its £12 billion debt mountain.
Last year's revenues at NTL Australia were £43.2 million, with underlying earnings of £18.9 million.
NTL offers a range of communications services - including cable TV and phone - to home and business customers in Ireland, Switzerland, France, Germany and Sweden.
PA