ITV offloads 50pc stake in Screenvision

first_img whatsapp ITV has offloaded its 50 per cent stake in cinema advertiser Screenvision to US private equity fund Shamrock Capital for $80m (£50m).ITV chief executive Adam Crozier called the deal an “important step” for the firm as it works to consolidate its broadcasting empire.He said the deal fits into ITV’s “transformation plan to focus the business on its core objectives of UK multi-platform broadcasting and global content”.The move is part of a wider sale of non-core assets, including disposal of its 25 per cent stake in Friends Reunited to DC Thompson subsidiary Brightsolid for £25m and its stake in Liverpool Football Club for £15.75m.The money generated by the Screenvision sale, which is still subject to US anti-trust clearance, will be used to pay down the broadcaster’s net debt. The firm has already paid down £175m of its debt pile in the last six months.ITV reported a £97m first half profit after limping to a £105m loss in the first half of 2009.TIME LINE | ITV UNDER ARCHIE NORMAN● August 2009ITV sells its stake in Friends Reunited, for which it paid £150m, for just £25m.● November 2009The broadcaster hires former Asda chief executive and Conservative MP Archie Norman as its new chairman. The appointment of high-profile business figure Norman brings an end to a two-month search for a successor to Michael Grade.● January 2010It is announced Crozier will leave the Royal Mail later in 2010 to become the next permanent chief executive of ITV.● April 2010Adam Crozier takes the reins at struggling ITV, which is still reeling from the worst advertising drought in decades.● August 2010ITV reports encouraging figures after making a loss in the first half of 2009. Crozier says the beleaguered broadcaster – which saw its share price fall almost 85 per cent during the advertising drought between June 2007 and April 2009 – can bounce back under his leadership.● September 2010Crozier offloads Screenvision to a US private equity vehicle for $80m as he focuses on ITV’s core broadcasting operations. ITV offloads 50pc stake in Screenvision Share whatsapp More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Tuesday 28 September 2010 10:42 pm Show Comments ▼ Tags: NULL KCS-content last_img

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