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24-09-2004
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UK's commercial broadcaster ITV has been given approval to take a majority stake in GMTV, according to a report in Brand Republic. The advertising trade body IPA objected on the move on grounds that ITV could attempt to merge the GMTV sales operation into its own, which could allow the broadcaster to increase the price of its airtime. IPA asked the Office of Fair Trading to refer ITV's acquisition of Scottish Media Group's 25 per cent stake in the breakfast broadcaster to the Competition Commission. However, ITV has been given the green light to buy SMG's stake for £31 million(E46.5 million) without any further investigation. This will give ITV a 75 per cent holding in GMTV, with Disney holding the remaining stock. | ||
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