Report: Bertelsmann Supports RTL’s ITV Aspirations

LUXEMBOURG, October 6:
Bertelsmann is said to have given RTL Group’s management the go-ahead to pursue
an acquisition of ITV, reports indicate.

According to the Guardian, Bertelsmann’s controlling shareholders, the Mohn
family, have set aside £1 billion for European acquisitions, and ITV is said to
be at the top of the shopping list.

Speculation about interest
in ITV has intensified since Sky lost its appeal to retain its 17.9-percent
stake in the commercial broadcaster. The platform has been ordered to lower its
investment to under 7.5 percent, but an appeal could be on the cards. ITV,
meanwhile, has made dramatic moves to improve its financial outlook, with
cost-cutting measures in place to save about £50 million a year.

—By Mansha Daswani