Guardian courted over sale of GMTV stake
Wednesday 13 August 1997
GMG has been sounded out by other GMTV shareholders about whether it would be prepared to sell its 15 per cent stake in the business, according to City sources.
The appointment of a successor for Jim Markwick, GMG's chief executive, which sources said will be announced next week, could kick-start a shake- up of the group. Mr Markwick's replacement, who is understood to have a background in television and books, may dust down proposals to split the company up.
GMG has in the past considered floating off some of its non-core assets, such as its interests in GMTV and a number of independent production companies, to raise funds for the Guardian and Observer. The plans were thought to have been shelved at the end of last year, but City sources continue to question the logic of the group's portfolio. The Scott Trust, GMG's parent company, has been conducting a review of the group for many months, and is understood to want to focus resources on the two national newspapers, Auto Trader and the Manchester Evening News.
GMG is likely to drop its involvement with GMTV in the long term, insiders say. However, it may postpone a sale of its shareholding until the Independent Television Commission decides how much ITV broadcasters should pay to renew their licences. GMTV, which paid pounds 50m to the Treasury last year, is likely to gain financially when it renews its licence, but its exact value would be determined by the size of its licence fee.
GMTV's other shareholders are Disney, which has a 25 per cent stake, and Carlton Communications, Scottish Media Group and Granada Group, which each hold 20 per cent. Analysts say Carlton and Granada are keen to increase their holding of GMTV.
- 1 This is what happens when you tattoo Charmander on yourself, drunk, and with no experience
- 2 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 3 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 4 The Batman v Superman: Dawn of Justice trailer has leaked – watch
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a white stranger with a saviour complex to rescue me
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Russian warships in English Channel 'to conduct anti-aircraft and anti-submarine military drills'
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...