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Disney out of GMTV, ITV full owners.

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  • 10-12-2009 12:46pm
    #1
    Elmo
    Registered Users Posts: 23,641 ✭✭✭✭


    http://www.itvplc.com/media/newsrelease/?id=26585

    Bit of old new now, happened at the end of November
    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.”

    Ends

    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.
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