The merger of United News & Media’s ITV assets received overwhelming approval from its shareholders. At an extraordinary general meeting the majority voted in favour of a sale to Granada Media, following the announcement of the deal in July this year.
Sir Roland Hampel, chairman of United, said: “United’s shareholders have recognised the outstanding value of this transaction…[it] has moved quickly and decisively to secure this deal at the peak of the TV advertising cycle and this, together with the excellent prices gained from the disposal of VCG, UAP Inc. and the low-growth businesses of Miller Freeman, demonstrates our success in securing maximum value for shareholders.”
Shareholders at United will receive around £1.25bn in Granada Media shares for majority of its television assets; the group will retain control of its investments in Channel 5 (35%), ITN (20%) digital multiplex SDN (33%) and SIS (20%), the specialised satellite broadcast channel.
