Notes to the Accounts

32. Related parties

Joint ventures and associates • Loans and equity advanced to joint ventures and associates during the year and at the balance sheet date are shown in notes 14 and 15. Amounts falling due from joint ventures and associates are set out in note 18. Dividends receivable from joint ventures and associates are set out in notes 14 and 15. Details of individually significant transactions are shown below.

a. During 2000, the Group combined its television business with CLT-Ufa and retained a 22% stake in the new combined business, the RTL Group. Significant related party transactions in respect of the television business were as follows.

Channel 5 Television Group Ltd • During the year the Group provided £22m (1999: £31m) of programming to Channel 5 Broadcasting Ltd, a wholly owned subsidiary of Channel 5 Television Group Ltd, and undertook transmission to the value of £2m (1999: £3m) for Channel 5 Engineering Services Ltd, a subsidiary of Channel 5 Television Group Ltd. At 31 December 1999 £6m was outstanding. During the year the Group paid £4m (1999: £4m) in respect of consortium relief.

Grundy associates • During the year the Group received £2m (1999: £3m) for management fees, format rights and royalties from a number of associates of Grundy Worldwide Ltd, of which £2m was outstanding at 31 December 1999. No individual transactions were material to the Group.

Magyar-RTL • During the year the Group provided programmes and services to the value of £nil (1999: £1m) none of which was outstanding at 31 December 1999.

b. Lazard Partnership • During the year the Group sold its interests in the three Lazard Houses.

The Group periodically placed funds on deposit with the Lazard Houses. The investments were made on an arm’s-length basis and no transactions were individually material in the context of the Group treasury transactions. The Group also used the Lazard Houses to provide professional advice. Fees for such services for the period were not material to either party.