ITV takes full control of GMTV

ITV has taken full control of the national breakfast broadcaster GMTV after securing the remaining 25% equity stake in the business from Disney.

ITV has made a one-off cash payment of £18 million for Disney’s 25% share in the broadcaster, and will pay a further sum of £4.25 million to represent Disney’s share of the forecast cash balance in GMTV as at the year end.

The acquisition forms part of ITV’s strategy to focus on its core activities and will allow the commercial broadcaster to cut costs by integrating the two productions teams.

John Cresswell, ITV’s chief operating officer, said: “GMTV is the gateway to the ITV day and a perfect fit with ITV’s existing daytime programming. It represents an exciting opportunity to create a highly complementary daytime schedule offering great programming from 6am to 6pm.”

ITV’s director of television, channels and online, Peter Fincham, told staff this morning that an editorial review would begin next week.