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Potential suitors have again begun circling ITV, Britain’s biggest terrestrial commercial broadcaster, after a prolonged period of share price weakness and renewed questions about its long-term strategic destiny. Sky News has learnt that a number of possible bidders for parts or all of the company, whose biggest shows include Love Island, have in recent weeks held early-stage discussions about teaming up to pursue a potential transaction. TV industry sources said this weekend that CVC Capital Partners and a major European broadcaster - thought to be France's Groupe TF1 - were among those which had been starting to study the merits of a potential offer. The sources added that RedBird Capital-owned All3Media and Mediawan, which is backed by the private equity giant KKR, were also on the list of potential suitors for the ITV Studios production arm. One cautioned this weekend that none of the work on potential bids was at a sufficiently advanced stage to require disclosure under the UK's stock market disclosure rules, and suggested that ITV's board - chaired by Andrew Cosslett - had not received any recent unsolicited approaches. That meant that the prospects of any formal approach materialising was highly uncertain. The person added, however, that Dame Carolyn McCall, ITV's long-serving chief executive, had been discussing with the company's financial advisers the merits of a demerger or other form of separation of its two main business units. More from Money Ann Summers' family owners to explore options for lingerie chain Thousands of jobs to go at Bosch in latest blow to German car industry Money blog: How much does it cost to freeze your eggs and can it go wrong? Three women who've done it share their stories Its main banking advisers are Goldman Sachs, Morgan Stanley and Robey Warshaw. ITV's shares are languishing at just 65.5p, giving the whole company a market capitalisation of £2.51bn. The stock rose more than 5% on Friday amid vague market chatter about a possible takeover bid. Bankers and analysts believe that ITV Studios, which made Disney+'s hit show, Rivals, would be worth more than the entire company's market capitalisation in a break-up of ITV. People close to the situation said that under one possible plan being studied, CVC could be interested in acquiring ITV Studios, with a European broadcast partner taking over its broadcasting arm, including the ITVX streaming platform. "At the right price, it would make sense if CVC wanted the undervalued production business, with TF1 wanting an English language streaming service in ITVX, along with the cashflows of the declining channels," one broadcasting industry veteran said this weekend. "They would only get the assets, though, in a deal worth double the current share price." Takeover speculation about ITV, which competes with Sky News' parent company, has been a recurring theme since the company was created from the merger of Carlton and Granada more than 20 years ago. ITV said this month that it would seek additional cost savings of £20m this year as it continued to deal with the fallout from last year's strikes by Hollywood writers and actors. It added that revenues at the Studios arm would decline over the current financial year, with advertising revenues sharply lower in the fourth quarter than in the same period a year earlier because of the tough comparison with 2023's Rugby World Cup. Allies of Dame Carolyn, who has run ITV since 2018, argue that she has transformed ITV, diversifying further into production and overhauling its digital capabilities. The majority of ITV's revenue now comes from profitable and growing areas, including ITVX and the Studios arm, they said. By 2026, those areas are expected to account for more than two-thirds of the group's sales. This year, its production arm was responsible for the most-viewed drama of the year on any channel or platform, Mr Bates versus The Post Office. In its third-quarter update earlier this month, Dame Carolyn said the company's "good strategic progress has continued in the first nine months of 2024 driven by strong execution and industry-leading creativity". "ITV Studios is performing well despite the expected impact of both the writer's strike and a softer market from free-to-air broadcasters." She said the unit would achieve record profits this year. ITV and CVC declined to comment, while TF1, RedBird and Mediawan did not respond to requests for comment.Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Club Brugge striker Ferran Jutgla insists if they can beat Aston Villa in the Champions League they can see off Celtic . The Spanish frontman believes Nicky Hayen’s side can get a positive result when they visit Parkhead on Wednesday night. After defeating Premier League big boys Villa earlier in the competition at home, Jutgla is now confident they can get a result in Glasgow. Brugge sit a point behind Brendan Rodgers’ side in the table ahead of their clash. And former Barcelona forward Jutgla admits if they can take a point back to Belgium they’ll be happy. He said: “This match looks very equal. A one-point advantage for Celtic isn’t a lot but it tells us this game will be difficult. We’ll go to Glasgow with good morale. To defeat Aston Villa was important for our team. It proved that Brugge aren’t just guests in the Champions League . We’re a club with a lot of pride who want to improve every game. “Our challenge in the Champions League is to progress to the next phase. And I believe any points we can get at Celtic’s stadium will be really important for us in achieving that. Celtic are strong at home and the level of the Scottish game is better now than it was a few years ago. “We don’t fear the atmosphere in Glasgow. It’s just football and I prefer a stadium that’s full of people with a lot of pressure. That helps increase your performance level.” In case you haven't heard, we've launched a new Hotline Live show, airing at 6pm every day, with the exception of Fridays and Saturdays. Join our panel for a laugh, a moan and a look at all things Scottish football, as well as having your say on the biggest issues in the game. Subscribe to our YouTube channel so you never miss a single episode. Alternatively, you can watch on Facebook or Twitter. Need to get something off your chest? Have your say on what's happening in the world of Scottish football by contacting us at hotline@dailyrecord.co.uk. You can find out more about the show here and also catch up on previous episodes with our full Hotline Live playlist on YouTube. Jutgla knows if the Belgians are to get a result on Wednesday, they’ll have to get past Celtic keeper Kasper Schmeichel , a player he rates highly. The Spaniard also praised the Hoops’ Japanese stars Kyogo Furuhashi, Daizen Maeda and Reo Hatate. But he’s still convinced that Brugge can avoid defeat in Glasgow. Jutgla said: “Schmeichel is a great keeper and one of the best in Europe. And the work of the Japanese players is vital to how Celtic play. But Brugge are a good team who work for each other. We’re not just about one or two players.” Tune in to Hotline Live every Sunday to Thursday and have your say on the biggest issues in Scottish football.
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