Hollick Considering ITV Takeover Bid

Former United Business Media chief executive, Lord Hollick has hinted at launching a possible takeover bid for the UK’s largest commercial broadcaster, ITV, after taking a high profile position at US private equity group Kohlberg Kravis Roberts.

In his new role as managing director of KKR, the labour peer has highlighted the practice of making bids in which existing shareholders are offered a minority interest if they let the entrepreneur take over.

Hollick has expressed an interest in buying ITV shares, claiming that shareholders would be very happy “to sell out,” but “only at a very high price”. However, reports this morning state that, when questionned over other possible acquisitions such as the Daily Mirror, he cited the price of the shares “going to levels that are hard to justify” as a problem particular to national newspapers.

The high-profile media boss is reported to have stated: “Buying back ITV would have a nice ring to it. I wouldn’t rule anything out. We are looking for really good businesses where management could make a difference.”

Hollick recently turned down the chance to chair a FTSE 100 company in favour of the five day a week role with KRR. He said: “private equity plays to my strength in identifying business opportunities, consolidating certain businesses and in backing new ideas.”

Lord Hollick recently resigned as chief executive from United Business Media, where he had spent just over 30 years. He will be succeeded by David Levin, chief executive of Symbian who will take over after the annual company meeting in April (see United Business Media Announces New Chief Executive).

ITV: 020 7843 8000 www.itv.com Kohlberg Kravis Roberts: 0207 839 9800 www.kkr.com

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