Majority shareholder and chairman of Bermuda Broadcasting Co. Ltd. (BBC) and Devonshire Properties Ltd. (DPL) Fernance Perry is seeking to buy the two companies outright, The Royal Gazette can reveal.

Mr. Perry wrote to shareholders in a letter, which was obtained by this newspaper, offering to purchase their stakes in the businesses for 50 cents per BBC share and $5 per DPL share, above the share value of both company.

In the letter, he revealed that the BBC continued to lose money as per previous financial statement and unaudited financial statements for 2007, while the retained earnings were depleted and the company expected to make losses of about $600,000 during 2008.

Mr. Perry's letter stated that a "substantial upgrade of equipment" was needed to convert from analogue to digital television transmission in 2009 and the majority shareholder (himself) was prepared to meet this cost with a cash injection.

It stated that following the acquisition of the minority shareholdings, he would put forward the necessary funds to allow BBC to "move forward and become a viable entity once more".

The offer entails buying shares in both companies and not in just one company.