The board of ITV has today confirmed that it has completed the 25% acquisition of Scottish Media Group’s stake in breakfast television franchise, GMTV.
Further to the earlier announcement on 10 May 2004, ITV has increased its stake in the highest rated UK breakfast time programme to 75%, with The Walt Disney Company owning the remaining 25% share (see
ITV To Acquire SMG’s Stake In GMTV For £31 Million).
Under the terms of the GMTV shareholders agreement and as a consequence of ITV’s acquisition of SMG’s stake, ITV is now obliged to offer The Walt Disney Company the same terms for its 25% stake.
Chief executive, Charles Allen said: “GMTV is an excellent business and in 2003 grew its share of viewing. ITV plc’s acquisition of an increased stake in GMTV at a fair price has simplified the ownership structure and will enable ITV and GMTV to work even more closely together.”
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