ITV’s sale of special effects house, Moving Picture Company, has attracted the attention of several major players, including Sir Martin Sorrell’s international advertising giant, WPP.
The sale of MPC, undertaken as part of ITV’s £550 million disposal of non-core assets, is also understood to be of interest to former Carlton chairman, Michael Green, French electronics group Thomson Technicolor, UK film and entertainment company Rank, as well as a number of venture capitalist firms.
The purchase of ITV’s post production business is likely to spark a fierce bidding war, as WPP is understood to be keen to add feature film and production companies to its portfolio of existing businesses.
Reports suggest that the Moving Picture Company, responsible for a range of high profile commercials, feature films and music videos, could attract bids as high as £25 million, although with a bidding war threatening to engulf the sale the price could rise even higher.
ITV’s disposal of non-core assets began this week, with the broadcaster announcing the sale of its loss-making Carlton Books business for £2.5 million. Among the other businesses expected to be sold are ITV’s cinema advertising operation, Carlton Screen Advertising, and education firm Granada Learning.
Earlier this month ITV dropped two of its highest profile shows from peak-time schedules amid ongoing fears that a dip in viewing could force the broadcaster to pay as much as £100 million to advertisers in compensation.
Related Links
