RNS Number : 1254D
26 November 2009
26 November 2009
ITV plc secures full ownership of GMTV
ITV plc ("ITV") today announces that, via its wholly owned subsidiary ITV Broadcasting Limited, it has secured full ownership of GMTV Limited ("GMTV"), the national breakfast-time Channel 3 licensee, having acquired the remaining 25% equity stake in the business from The Walt Disney Company Limited and one of its subsidiaries ("Disney").
ITV has 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 as at the year end.
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."
Notes to Editors
Prior to this acquisition, and since October 2004, ITV's wholly owned subsidiary ITV Broadcasting Ltd held 75% of the shares in GMTV.
GMTV has held the Channel 3 nationwide breakfast licence since 1993 and transmits daily from 6am to 9.25am.
For further information please contact:
Ruth Settle, Director of Corporate Communications 0207 157 3707
Louise Evans, Head of Corporate Communications 0207 157 3710
Christy Swords, Director of Investor Relations 0207 157 6572
Pippa Foulds, Head of Investor Relations 0207 157 6555
This information is provided by RNS
The company news service from the London Stock Exchange