30% stake sought by Time Warner in ITV |
|
|
Published
:
Mon, 11 Jul 2005 22:35
|
US media group, Time Warner Inc. (TWX), along with other associates is spearheaded towards acquiring a 30% stake in ITV, UK’s largest commercial broadcaster, in case the consortium’s £6.6bn bid is able to consummate successfully.
It is supposed that Jeff Bewkes, the chief of entertainment and networks at Time Warner, has spoken about ITV’s acquisition with the investment bank, Goldman Sachs’s managing director, Sebastian Grigg. Another strong contender in the group is allegedly the adviser to venture capital firm Apax, Greg Dyke who formerly worked with BBC as the director-general. Rumours suggest that the bidding consortium has roped in Dyke to take charge of ITV. However, no confirmed reports were attained.
Greg Dyke, meanwhile, doesn’t quite enjoy a very positive reputation with the government after the Hutton inquiry case. He formerly managed the London Weekend Television, an ITV franchise that was bought in 1994 following a rather spiteful fight by Granada, which was run by the present chief executive of ITV, Charles Allen.
As for Time Warner, a minority stake in ITV is being seen as a right move towards achieving greater profits with a minimal amount of risk, which would not be possible had Warner put forward an offer for a full bid. Also, the bidding group is expected to infuse some confidence in the broadcaster’s pension fund trustees what with ITV’s £580m pension fund deficit.
|
|
|
|
|
|
Print this Story
