By bizn_fun 
ITV confirms it is in talks to sell its broadcasting arm
Newsflash: ITV has confirmed that it is in talks about the posssible sale of its media and entertainment operations to rival Sky.
In a statement to the City this morning, ITV says:
ITV plc notes the recent press speculation and confirms that it is in preliminary discussions regarding a possible sale of its M&E business to Sky for an enterprise value of £1.6bn.
The statement comes hours after reports that Comcast, the parent company of Sky, was in talks to buy ITV’s broadcasting business, a move that would upend the British television landscape.
ITV cautions that a sale isn’t certain, telling the City this morning:
There can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place. A further announcement will be made in due course if appropriate.
News of the possible deal came shortly after ITV reported that it would “temporarily” cut £35m from its budgets as it deals the poor macroeconomic environment and advertiser uncertainty ahead of the budget later this month.
The company said it expected advertising revenues, which still account for most of its income, to fall by 9% in the key fourth-quarter advertising period in the run-up to Christmas.
Key events
Comcast’s potential purchase of ITV’s media and entertainment business would not include its production arm ITV Studios.
Studios has made a number of hit shows in recent years, including Love Island, I’m a Celebrity and Mr Bates vs The Post Office.
My colleague Mark Sweney reported last night:
The performance of ITV Studios has led analysts to argue that the production arm alone could be worth more than the broadcasting business, which includes some of the UK’s most popular channels.
ITV confirms it is in talks to sell its broadcasting arm
Newsflash: ITV has confirmed that it is in talks about the posssible sale of its media and entertainment operations to rival Sky.
In a statement to the City this morning, ITV says:
ITV plc notes the recent press speculation and confirms that it is in preliminary discussions regarding a possible sale of its M&E business to Sky for an enterprise value of £1.6bn.
The statement comes hours after reports that Comcast, the parent company of Sky, was in talks to buy ITV’s broadcasting business, a move that would upend the British television landscape.
ITV cautions that a sale isn’t certain, telling the City this morning:
There can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place. A further announcement will be made in due course if appropriate.
News of the possible deal came shortly after ITV reported that it would “temporarily” cut £35m from its budgets as it deals the poor macroeconomic environment and advertiser uncertainty ahead of the budget later this month.
The company said it expected advertising revenues, which still account for most of its income, to fall by 9% in the key fourth-quarter advertising period in the run-up to Christmas.
Introduction: Bank of England governor Bailey pledges to serve out full term
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Bank of England governor Andrew Bailey is pledging not to be driven out of the central bank early by Nigel Farage.
Shortly after leaving UK interest rates on hold yesterday, Bailey declared that he intends to remain governor of the Bank of England until his term expires.
Asked about suggestions from Farage that he would replace the governor, if he became prime minister, Bailey told Bloomberg TV:
“I made a commitment to serve out my whole term. That’s what I intend to do.”
Farage started a hare running about Bailey’s future last month, when he said of Bailey “He’s had a good run, we might find someone new….He’s a nice enough bloke.”
However, Farage always seemed unlikely to determine Bailey’s leadership, given the governor’s single eight-year term is due to end in March 2028 and the prime minister, Keir Starmer, is only required to hold a general election sometime before 15 August 2029.
It emerged yesterday that Bailey was the swing voter on the Monetary Policy Committee, after it split 5-4 on whether to hold interest rates at 4% or cut to 3.75%.
The agenda
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7am GMT: Halifax’s UK house price index
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8.30am GMT: UN FAO food price index
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12.15pm GMT: Bank of England’s chief economist Huw Pill briefs the BoE’s regional agents