ITV silent on finance restructuring report
ITV was today said to have received an approach from a private equity consortium that would lead to a radical financial restructuring of the broadcaster.
Goldman Sachs Capital Partners and Apax Partners are willing to inject £1.5bn (€2.1bn) into ITV which would give them effective control, according to the Daily Telegraph.
It is thought they would then press ITV to take on more debt so as much as £3.55bn (€5.12bn) could be returned to investors – equivalent to around three-quarters of its market value.
A spokesman for ITV declined to comment on the report today, which stated that the broadcaster would remain a publicly quoted company with existing shareholders offered a significant portion of the remaining equity.
ITV – the UK’s largest commercial channel – was formed by the merger of Carlton and Granada in 2004. Its shares closed at 117p yesterday to value the company at £4.83bn (€6.97bn).
The bid speculation comes as ITV battles to retain viewers and its share of the advertising spending pot as digital channels mushroom and the nation prepares for the analogue signal to be switched off.
