Following weeks of speculation by the media and consternation on the part of the Football League, administrators announced yesterday that ITV Digital is to be sold off as a going concern.
In a statement released yesterday evening, Deloitte & Touche announced that “it has not been possible to restructure the cost base of ITV Digital” and said that it was “now in discussions with the Independent Television Commission about an accelerated process leading to a sale as a going concern”. The statement confirmed that services will continue for ITV Digital subscribers.
Some press reports have suggested that Carlton and Granada may ‘buy back’ ITV Digital, minus the incurred liabilities, although analysts view this as unlikely. Shares in Carlton and Granada were up this morning, following last night’s announcements. Had ITV Digital closed, both companies would have been required to pay closure costs, possibly as much as £75 million each.
A further announcement is expected on Thursday.
