ITV has reportedly become a potential acquisition target for private equity heavyweights, including CVC Capital Partners, amid a continuing decline in its share price. According to Sky News, several private equity bidders are eyeing the º£½ÇÊÓƵ's largest terrestrial commercial broadcaster.
Among these is CVC Capital Partners, who are said to be partnering with a major European broadcaster, possibly France's Group TF1, as reported by .
The expectation is that CVC would take over ITV Studios, while the broadcasting arm, including streaming platform ITVX, could be taken over by the broadcaster.
Other potential private equity buyers named in the reports include KKR-backed Mediawan and All3Media, owned by Redbird Capital Partners. However, sources told Sky News that none of the bids had significantly progressed, with one suggesting that ITV's board had not yet received an unsolicited approach.
ITV's stock was down 17 per cent over the past month due to a significant drop in revenue revealed in its quarterly results. However, following rumours of a takeover last week, ITV shares surged more than 14 per cent.
In its recent results, the broadcaster attributed the revenue drop to the phasing of deliveries, with more shows scheduled for the fourth quarter than the third, and last year’s US writers’ and actors’ strike.
ITV has announced its intentions to implement further cost reductions totalling £20m, which includes a £10m cut in content expenditure and an accelerated £10m in non-content savings initially set for 2025. Chief Executive Carolyn McCall commented: "ITV’s good strategic progress has continued in the first nine months of 2024 driven by strong execution and industry leading creativity."
She added, "Our cost saving programme is progressing well and today we are announcing further cost savings in addition to the previously announced £40m of incremental cost savings through restructuring, improved efficiency and simplifying ways of working."
Neither ITV nor CVC have offered any statements on the matter.
