Granada Raid Lifts Stake In YTTV To 20%

Granada has confirmed that it has bought over 3 million shares in Yorkshire- Tyne Tees Television, increasing its holding in the company to 20%. The shares were bought for £10 each, and represent over 6% of Yorkshire’s share capital.

Granada have pointed out however that it has no intention of buying the broadcaster outright, though it reserves the right to do so if another party makes an offer.

In addition Granada have jointly bought an extra 2 million shares in YTT with Lazards, the merchant bank. This 4% stake is beyond what is allowed under existing rules, and so will be held in a deadlocked company called Allquiet Investments.

Charles Allen, Granada’s Chief Operating Officer, said: “We already enjoy an excellent and productive working relationship with YTT with joint international selling arrangements for programming and the selling of Yorkshire’s airtime through our subsidiary, Laser. This additional investment underlines the importance of this relationship and serves to strengthen our ties with our neighbouring Channel 3 franchise.”