ITV to sell off TV3 stake

ITV took the value of its disposal programme to almost €738m today after agreeing to sell its stake in TV3.

The €103m sale of ITV’s 45% holding involves a deal with private equity firm Doughty Hanson, which is buying the rest of the business.

Proceeds from the proposed transaction will be used to fund ITV’s current programme of returning around €738m to shareholders.

That is approximately the same figure raised by ITV from the sale of non-core assets since the company’s creation from a merger of Carlton and Granada in 2004.

A statement said: “ITV will continue to focus on its core UK broadcasting operation and growing its revenues outside ITV1 advertising through developing its UK and international production and distribution businesses and its consumer operations.”

The disposal programme has been overseen by chief executive Charles Allen, who recently announced plans to step down following a disappointing advertising and share price performance at the broadcaster. The impact of disposals recently helped the company to deliver a 12% rise in half-year profits.