RNS Number : 0215R
23 April 2009
Announcement by the Board of ITV
In ITV's results announcement on 4 March 2009, the Board stated that it would continue to evaluate all options to improve the strength of the balance sheet in response to the significant deterioration in the advertising market.
The Company is now implementing a number of further initiatives, including the decision to dispose of its wholly owned subsidiary, SDN, and has agreed terms for covenant-free financing to raise an additional £58m. ITV's programme schedules continue to perform competitively and operational progress is being maintained.
It is the Board's view that, taken together and ahead of important regulatory decisions expected towards the end of the year, these actions are appropriate in this uncertain market. The Board further believes that the company has adequate liquidity as it stands today and is therefore able to confirm it has no current plans for a rights issue.
In the light of the regulatory timetable now expected, Michael Grade has recommended to the Board that the conclusion of the regulatory reviews will be the right time for him to relinquish his executive responsibilities and become non-executive chairman, as planned. The Board has agreed with this recommendation and accordingly will now commence a formal search for the next CEO.
It is intended that a new CEO will be appointed as soon as practicable following the outcome of the CRR regulatory review process and, in any event, no later than the end of 2009.
For further information please contact:
Christy Swords, Director of Investor Relations Tel: 0207 156 7022
Pippa Strong, Head of Investor Relations Tel: 0207 156 7039
Press Tel: 0207 156 6000
Ruth Settle, Director of Corporate Communications
Louise Evans, Head of Corporate Communications
Tulchan Communications Group Tel: 0207 353 4200
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