Feeds

ITV confirms takeover approach rejected

Nothing to see here

The Power of One Infographic

ITV - the UK broadcaster that is branching out into net TV and which recently bought dotcom giant Friends Reunited - has rejected an approach regarding a possible buyout.

In a statement to the stock exchange today ITV said that a consortium comprising Apax Partners, The Blackstone Group and Goldman Sachs' Principal Investment Area had "recently expressed an interest in the possibility of acquiring a controlling interest in ITV".

However, execs "unanimously concluded that the proposal could not be in the best interests of all shareholders and accordingly rejected it".

With the advent of internet TV and video-on-demand industry watchers reckon ITV is ripe for an approach.

Six months ago ITV launched a pilot on the south coast of England of a new regional broadband TV service. The trial formed part of ITV's plans to diversify away from traditional TV content to help cash in on growing net-based revenues. According to the latest figures available, the amount of cash spent on internet advertising in the UK soared 73 per cent last year to £1.13bn - way past other media such as consumer and business mags, radio, outdoor and cinema.

In December ITV snapped up Friends Reunited for £120m in cash and paper with a further £55m payable if the operation hits certain numbers in 2009. The acquisition of Friends Reunited gives ITV the chance to generate content online which, in turn, will help attract much needed advertising bucks. ®

Boost IT visibility and business value

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.