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29/09/2010

ITV Sells 50% Stake in Screenvision

ITV has announced that it has sold its 50% stake in Screenvision to a US private equity firm.
The broadcaster announced that it had sold its share of the cinema advertising business to Shamrock Capital Growth Fund II, in a deal worth a reported $80 million (£50.6 million).
Technicolour, which is Screenvision's main provider of film and digital services, will retain the remaining 50% shareholding.
The deal is currently pending approval.
Shamrock Capital Growth Fund II focuses on media, entertainment and communications investing.
Michael Grade, ITV's former Chief Executive, had placed Screenvision up for sale last year, at the same time as the Friends Reunited website and Freeview Multiplex operator SDN.
Friends Reunited was purchased by DC Thomson-owned Brightsolid for £25 million, but ITV later opted to retain SDN in an asset backing initiative for its pension deficit.
(KMcA)
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