Liberty Global Increases ITV Stake

July 31, 2015 World Screen Top Stories
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DENVER: Liberty Global has purchased an additional 138.7 million shares in ITV, increasing its total stake to approximately 9.9 percent.

Liberty Global now holds a total of 398.5 million shares in ITV. At the same time, Liberty Global has entered into a hedging transaction with respect to the ITV shares it has acquired and obtained further financing from its hedge counterparty. The acquisition of the additional ITV shares, combined with amending an existing hedging transaction with respect to ITV shares, will result in net cash being released to Liberty Global.

Liberty Global's CEO, Mike Fries, stated, “Given ITV's operating and stock price performance, we were able to increase our stake to 9.9 percent with no incremental investment by hedging our existing equity position. This investment remains an opportunistic one for us in our largest market. ITV is a well-run company with attractive growth potential, and we are pleased to increase our position as their largest shareholder.”