ITV Continues Non-Core Business Sell-Off
ITV has completed the sale of Superhire Limited, its prop hire business in the continued sell-off of its non-core business elements.
The sale of the business, together with the freehold property it occupies, was made for for a cash consideration of £8.2 million. ITV states that the funds generated by the sale will be used to further reduce ITV’s borrowings.
The sale of Superhire was made to Space Holdings Limited, a privately owned company, and furthers ITV’s programme of disposing its non-core assets.
The broadcaster has now raised more than £268 million from the sale of businesses assets in the last 6 months. Last year saw ITV sell its stake in French multimedia group, Thomson SA, to Citigroup Global Markets and UBS Limited (see ITV’s Sell-Off Continues With Stake In Thomson).
The sale was believed to have raised £162 million for the company, while last year also saw ITV’s special effects firm, Moving Picture Company, go under the hammer, attracting bids of around £25 million (see WPP Amongst Bidders For ITV’s Special Effects Group).
ITV: 020 7843 8000 www.itv.com
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