The president of Viacom has played down speculation that his organisation is preparing to buy a major ITV company, claiming that they are too expensive at the moment.
Speaking at a conference in Boston, Mel Karmazin conceded that an approach for either Granada or Carlton Communications was unlikely in the current economic climate. “The stocks of all the publicly traded media companies in the UK are trading at multiples higher than here in the US,” he said.
Last month, it was reported that a number of US TV executives had visited London for talks with Granada and Carlton after the draft communications bill lifted the restriction on non-EU companies investing in ITV (see US Media Execs Eye UK Opportunities, Says FT).
Karmazin has not ruled out bidding in future but says he will wait until the communications bill comes into effect next year before making any approach.
