The chief executive of Virgin Media has rejected speculation that its parent company, Liberty Global, could seize on a weakness in ITV’s share price to mount a takeover bid for Britain’s biggest commercial broadcaster.
Tom Mockridge told the Sunday Telegraph that Liberty, which is FLOW's parent company, was not interested in such a venture.
Liberty owns 9.9% of ITV and has bought the equivalent commercial broadcaster in Ireland, fuelling speculation that it is lining up an approach for ITV.
The broadcaster’s shares are also down by more than a third as fears grow over the television advertising market, which peaked last year.
In May, Liberty Global announced that it had completed the acquisition of Cable & Wireless Communications (CWC), which trades in Jamaica under the Flow brand.
The transaction was valued at US$7.4 billion.
The combined business serves 10 million customers in more than 20 countries.
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