ITV assumes full control of GMTV

ITV has assumed full control of GMTV, buying 25% share from Disney for £22.25 million

The deal is a one-off cash payment of £18 million to Disney for its 25% share, plus an additional sum of £4.25 million representing its share of the forecast cash balance in the GMTV business at the end of the year.

The likelihood that ITV will cut costs as it integrates the GMTV staff with the rest of its own set-up is quite hight.

According to the Guardian, Peter Fincham, ITV director of television, told GMTV staffers that an editorial review would start next week.

The acquisition is part of ITV's strategy to focus on its core activities and will allow closer integration between ITV and the breakfast service.

Source: Media Guardian

Published on: 26/11/2009 11:48:00