Information  X 
Enter a valid email address

ITV PLC (ITV)

  Print      Mail a friend       Annual reports

Tuesday 12 October, 2004

ITV PLC

Purchase of GMTV Stake

ITV PLC
12 October 2004



12 October 2004


                      ITV completes purchase of GMTV stake


ITV has completed the acquisition of SMG's 25% stake in GMTV Limited (announced
on 10 May 2004) for a cash consideration of £31 million.  GMTV owns the sole
national channel three licence which is broadcast every day at breakfast time
between 6.00 am and 9.25 am.  It is consistently the highest-rated UK breakfast
time programme.  As with other channel three licensees, GMTV expects to
negotiate revised financial terms for its licence from 1st January 2005.  It is
currently one of the highest paying licensees in terms of its PQR (percentage of
qualifying revenue) payments.



ITV now owns 75% of GMTV; The Walt Disney Company owns the remaining 25%.  Under
the terms of the GMTV shareholders agreement, and as a consequence of ITV's
acquisition of SMG's stake, ITV is now obliged to offer The Walt Disney Company
the same terms for its 25% stake.



Charles Allen, CEO of ITV, said:



'GMTV is an excellent business and in 2003 grew its share of viewing.  ITV plc's
acquisition of an increased stake in GMTV at a fair price has simplified the
ownership structure and will enable ITV and GMTV to work even more closely
together.'





For further information contact:

ITV plc                   Brigitte Trafford         020 7737 8719
                                                    Communications Director


Citigate Dewe Rogerson    Alex Brown                020 7282 2837
                                                    Associate Director










                      This information is provided by RNS
            The company news service from the London Stock Exchange