- TV distribution and production group DCD Media it had conditionally agreed to sell NBD to 108 Media for up to £4.7 million to raise funds for growth.

The sale agreement comes as the company seeks third-party funding to to grow the business after Timeweave, a major shareholder of DCD Media with an approximately 71.55%, had indicated that it was unwilling to further fund the business.

The sale presents an 'attractive opportunity for the company to realise value and secure an owner for the company's business in 108 Media that is expected to provide the support afforded by Timeweave over the last decade allowing the business to grow,' the company said.

Following completion, the company would 'consider the best way to maximise shareholder value which is likely to include returning a proportion of the cash to Shareholders together with considering alternative acquisitions...' it added.

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