HMV CEO out of running for ITV job

HMV chief executive Simon Fox has ruled himself out of the running to replace Michael Grade at ITV.

Fox reportedly told the HMV board that he wants to stay with the company while it completes its three-year restructuring plan, due to be completed in 2010.

It is thought that the shortlist for the job now includes Tony Ball, former BSkyB chief executive; John Cresswell, ITV chief operating officer; and Pascal Cagni, head of Apple Europe.

ITV is expected to have found a replacement for Grade by the end of the year, with some sources saying that an appointment could be made by September.

Last week ITV reported a pre-tax loss of £105 million for the first six month of the year with advertising revenues falling 15% and overall revenue dropping 11% year on year to £909 million.

It also announced the sale of social network Friends Reunited to Brightsolid for just £25 million.