This morning, the Office of Fair Trading (OFT) issued a statement to the London Stock Exchange stating that ITV’s proposed acquisition of Scottish Media Group’s 25% stake in GMTV may be referred to the Competition Commission for investigation.
The statement invites feedback about any competition or public interest issues to be sent to the OFT by 29 July 2004.
If ITV are successful in the bid worth £31 million (see ITV To Acquire SMG’s Stake In GMTV For £31 Million), they will hold a 75% share of the in the UK’s largest breakfast show. Completion of the deal would oblige ITV to make an offer at the same price to the Walt Disney Company for its 25% shareholding in GMTV.
The proposed buy-out is part of a wide-ranging deal that also saw ITV take-over the sale of SMG’s national television airtime on both its Scottish Television and Grampian Television licences.
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