RNS Number : 0560Z
15 September 2009
15 September 2009
Response to Competition Commission Review of ITV's CRR Undertakings
ITV welcomes today's provisional report from the Competition Commission and its recognition of the case for the reform of CRR.
Today's report acknowledges that 'there have been significant changes to the television industry since 2003' and explains that the Commission will now 'examine possible variations of the undertakings to take account of the changes that have occurred.' The report also acknowledges the changes in ITV's market position and the fact that the SOCI ratchet and the right of rollover for contracts have had unintended consequences.
ITV has argued that the advertising market has been transformed since the introduction of CRR. With the uptake of digital broadcasting the number of multi-channel households has more than doubled from 42% in 2002 to over 88% by the end of 2008. This means ITV1's airtime is now substitutable and that the market can self regulate.
Michael Grade, Executive Chairman of ITV plc, said: 'We look forward to engaging with the Competition Commission over the next three weeks to identify which post-CRR option best serves the interests of ITV plc, its viewers and advertisers.'
He added: 'We would like to put on record our appreciation of the time and effort the Competition Commission has put into this review to date and we look forward to the completion of the review in time for the upcoming deal season.'
Ruth Settle Director of Corporate Communications 07946 346698
Louise Evans Head of Corporate Communications 07825 680994
Christy Swords Director of Investor Relations 07881 505783
Pippa Foulds Head of Investor Relations 07826 531887
This information is provided by RNS
The company news service from the London Stock Exchange