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RA says yes to TBi and WoW

The Regulatory Authority of Bermuda last night recommended in a preliminary report that TeleBermuda International Limited (TBi) be permitted to take control of the wireless subscription-based television business of World on Wireless (WoW) and its related assets.

But the final decision of the preliminary report proposing to approve the transaction is itself subject to government approval and other stipulations.

The RA has moved speedily to consider the matter and is giving only until the end of the month for the public and other interested parties to comment on the preliminary report and decision.

WoW is in provisional liquidation.

The report stated: “Based on the financial records provided to the RA, the business has not made any profit for some time and is generally considered to be unsustainable in its current form.

“This was confirmed by the business entering provisional liquidation. If no purchaser is found or no transaction is approved, the business will cease.

“Since December 2021, TBi has provided significant funding to WoW to maintain the business as a going concern. Without TBI’s funding, the business would cease."

TBi provides long-distance voice, data, internet, television, and co-location hosting services.

With some 1,200 customers, WoW, much like TBi, holds an integrated communications operating licence (ICOL).

The application for a change in control submitted to the RA included representations as to the urgency of the matter.

The RA report continued: “As the business is known to be in provisional liquidation, any delay increases the risk of customers terminating their subscriptions and content providers withdrawing their television content.

“The failure of the business would significantly damage consumers by diminishing the competitive nature of the electronic communications sector by increasing the share held by those holding significant market power relative to other sectoral providers.

“A number of jobs would be lost if TBi’s purchase of the business does not proceed and no other option is found to continue the business.”

The RA said that at the conclusion of the consultation process, they would issue a final decision.

Since December 2021, TBi has provided significant funding to WoW to maintain the business as a going concern.

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Published March 18, 2022 at 8:08 am (Updated March 18, 2022 at 8:08 am)

RA says yes to TBi and WoW

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