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ITV to keep 'Street' fans in the dark over its plans for TV3
Conor Brophy



CORONATION STREET fans will have to wait a bit longer than they hoped for news of where they are to get their fix.

British broadcaster ITV appears likely to leave private equity firm Doughty Hanson in the dark over its intentions regarding its 45% stake in TV3 when it reports interim results this week.

Industry sources said ITV does not plan to make any announcement regarding TV3 when it reports its numbers this Wednesday. Under the terms of its shareholder agreement with TV3, ITV has 90 days within which to exercise preemption rights that would allow it to match Doughty's 265m offer for TV3 and acquire outright control of the Irish station for itself. That 90-day period expires on 23 August.

For the time being the TV3 stake falls far down ITV's list of priorities. The broadcaster is embattled in its home market. Its current chief executive, Charles Allen, is set to step down on Wednesday, having seen the company's advertising revenue and market share collapse over the last year. ITV's current 17% share of the television audience in Britain is the lowest in its history.

The list of candidates tipped to be named as Allen's successor next week is topped by former Ofcom chief executive Stephen Carter. Sky programming executive Dawn Airey, Sparrowhawk Media chairman David Elstein and Channel 4 chief executive Andy Duncan also feature.

ITV shares fell below £1 on the London Stock Exchange for the first time in recent weeks, though they recovered to £1.04 on speculation that a takeover approach from a media group linked to regional newspaper owner Johnston Press was imminent. Last year ITV turned down a £1.30 per share bid from a private equity group led by former BBC director Greg Dyke.




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