New jobs worry as ITV looks for savings
Feb 23 2009 By Graeme King, The Journal
SPECULATION over possible disposals and job cuts at ITV has continued amid reports the broadcaster may be looking to offload Freeview channel operator SDN.
The business, which rents out capacity to channels including Five and QVC, is seen as one of ITV’s best non-core assets with a value in the region of £200m.
ITV was recently linked to the sale of networking site Friends Reunited, which it bought for £175m in 2005 but may now be worth as little as £50m.
Executive chairman Michael Grade is under pressure to dispose of assets as the economic downturn takes its toll on advertising revenues.
As well as disposals, the Mail on Sunday said ITV may ask shareholders for £300m in a rights issue. Details of Mr Grade’s strategy will emerge on March 4 when the company announces results for 2008.
