ITV Puts Plus and Men & Motors Under The Hammer

ITV is in negotiations to sell off its digital channels, Plus and Men & Motors, as part of its £600 million programme to sell off its non-core assets.

The group holds a 50.5% stake in the channels parents company, Granada Sky Broadcasting, along with BSkyB who owns the remaining share. According to reports, ITV is hoping to sell its stake to BSkyB as other main digital players such as Flextech, have already warned they are not interested in Men & Motors.

Another option open to ITV could be a management buyout but only if staff are able to find financial backing from a private investment company.

Plus, however looks definitely surplus to requirements, with the arrival of ITV3 in November this year, which will be aimed at older, upmarket viewers with an appetite for drama.

So far this year, ITV has sold its publishing arm Carlton Books to a management buy-out group and its 5.5% stake in French multimedia company, Thompson, to Citigroup Global Markets and UBS Limited for £162 million.

Other assets to follow the Granada channels fortune include, Carlton Screen Advertising, which sells adverts shown at cinemas and stakes in top Premier League football teams Arsenal and Liverpool.

ITV hopes that selling its non-core assets will help deliver £100 million of cost savings by the end of 2005.

ITV: 020 7843 8000 www.itv.com

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