Greg Dyke Implicated In ITV Bid Speculation
ITV’s future is at the centre of renewed speculation today, with reports surfacing that a possible bid of £6 billion is being prepared for the broadcaster by a conglomerate of investors, including Lord Hollick and former BBC director general, Greg Dyke.
The rumours build on comments made by Hollick last week, when the outgoing chief executive of United Business Media stated that the purchase of ITV had a “nice ring to it”.
Hollick’s comments were made after taking a high profile position at US private equity group Kohlberg Kravis Roberts (see Hollick Considering ITV Takeover Bid). It is understood that any bid for ITV would be backed by the company, while the rumours of Greg Dyke’s involvement could mean that Apax partners, the private equity group which he joined last year, could also be a major player in the potential take-over bid.
Dyke has long been linked with ITV, with previous speculation suggesting that the former BBC chief was being lined up for a top job at the broadcaster, and that Apax, which specialises in media deals, was considering a solo bid for the broadcaster (see Dyke Joins Apax Amid Rumours Of Potential ITV Bid).
Another name mentioned in reports this morning is that of former Telegraph Group managing director, Stephen Grabiner. Speculation would suggest that Grabiner is also involved with the potential KKR/Apax bid, and a bid for ITV would not be entirely new territory for the former newspaper boss, and founder of OnDigital, who was understood to be interested in purchasing ex-ITV Digital licences when the broadcaster collapsed in 2002.
Apax was also believed to be involved in Grabiner’s proposed licence purchase in 2002, a partnership which could be re-ignited if a joint bid for ITV between Apax and KKR was made (see ITV Digital Could Be Closed By Monday).
However, it is clear that ITV is not a static entity and was last week rumoured to be preparing a take-over bid for the UKTV portfolio of digital television channels, currently owned and operated by Telewest and the BBC. A successful bid would almost certainly attract the attention of the Competition Commission, but would also help to secure ITV in a digital-only television environment (see ITV Considering Bid For UKTV Digital Channels).
Apax: 020 7872 6300 www.apax.com ITV: 020 7843 8000 www.itv.com Kohlberg Kravis Roberts: 0207 839 9800 www.kkr.com
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