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26/11/2009

ITV Secures GMTV Ownership

ITV plc has announced that it has now achieved full ownership of GMTV Limited. The national breakfast-time Channel 3 licensee acquired the remaining 25% equity stake in the business from the Walt Disney Company Limited and one of its subsidiaries.
ITV made a one-off cash payment of £18m for Disney's 25% stake in GMTV, together with a further one-off payment of £4.25m in respect of Disney's share of the forecast cash balance in the business for the end of the year.
The acquisition forms part of ITV's strategy to focus on its core activities and will allow closer integration between ITV and the breakfast service.
John Cresswell, Chief Operating Officer at ITV, said: "GMTV is the gateway to the ITV day and a perfect fit with ITV's existing daytime programming.
"It represents an exciting opportunity to create a highly complementary daytime schedule offering great programming from 6am to 6pm."
(BMcN/BMcC)
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