Itv Share Discussion Threads

[nige co] 18/8/2021 16:26

Mention of ITV....

BT should be broken up - just not the way its billionaire raider may want



New chairman Adam Crozier should consider a blockbuster merger of its consumer wing with ITV.

BT shareholders beware: Adam Crozier has fallen for the dubious charms of an enigmatic foreign guru at least once before. As chief executive of the Football Association from 2000 to 2002, here we have the man who first brought Sven-Goran Eriksson into the English game and rhapsodised on his “absolute belief” in the pricey Swede even after he had launched into his extraordinary streak of tabloid indiscretions.

Now Crozier is chairman of the board at Britain’s former state telephone monopoly as it is drawn into the orbit of its own exotic suitor, the billionaire Patrick Drahi. He is owner of a 12pc stake in BT and, it is widely assumed, has strong views about its strategy that will gain weight when he buys more shares.

After too much chin-stroking under his predecessor Jan du Plessis, Crozier and the BT board do not have much time to set out a path that protects the interests of all shareholders. There are also customers, pensioners, workers, taxpayers, the emergency services and the general public to consider.

All are dependent on BT and may not share the priorities of a French telecoms investor who is a tax resident in Switzerland and best known for aggressive cost-cutting, heavy borrowing against assets and taking advantage in the financial restructuring that it demands.

Nevertheless, perhaps Drahi’s ongoing and energetic efforts in the political background to allay such fears will succeed. There is at least one other big BT investor who would dearly love the newcomer to buy more shares.

Tim Höttges, the chief executive of Deutsche Telekom, substantially detonated any reputation he had as an international deal maker when in 2015 he accepted a 12pc stake in BT in exchange for half of the mobile operator EE.

At the time of deal it was worth £5.1bn. By this time last year, as BT reached one of its periodic nadirs after various accounting scandals and regulatory disasters, Höttges would have been fortunate to get £1.3bn for the shares.

Little wonder that after a slight recovery he is thrilled at the prospect of offloading to Drahi later this year when a regulatory lock-up is lifted. “I think we will see an exciting quarter four with regard to this shareholding,” Höttges told investors last week. The excitement threshold may be low in the German telecoms market, but he sounded sincere.

It all means that if Crozier and Jansen do not take charge of BT’s destiny, others will certainly try.

The good news for them is that despite its weak share price, BT is in many important ways better positioned than it has been for years. It is finally upgrading its broadband network to faster and more reliable fibre, at pace. It will be cheaper to run and more profitable.

Meanwhile BT has just struck a new deal with pension trustees that signalled the vast funding deficit may be going into permanent retreat. Formerly dismal customer service is improving markedly. It has the best mobile network. Its CPI-linked price rises insulate it from inflation. Openreach, the broadband infrastructure, will remain an unmatchable monopoly in swathes of the country.

True, real growth is hard to come by and so BT is not as highly valued as, say, the plumbing specialist Ferguson.

Drahi’s solution to this, many in the City speculate, will be to demand a spin-off of Openreach. It is claimed this would allow it to attract the sort of frothy valuation that has prompted dozens of fibre broadband challengers to set up with little more than a PowerPoint presentation. There are several problems with this idea, however, chief among them the endless complications of the BT pension scheme.

Here’s a better one. Crozier should instead consider a spin-off of BT’s consumer business, and merge it with his former employer ITV. Such a break-up would avoid any problems with the pension scheme or security services, which take a close interest in BT. Openreach would anyway become a “cleaner” asset for the stock market to value more generously.

Separately, by escaping an organisation that retains plenty of Post Office DNA, BT’s consumer business would be free to innovate faster in digital services. For ITV a merger would deliver a solid leg-up in streaming and subscriptions, a future for which it has proved ill-equipped.

Note that such a deal would not be an example of the discredited wheeze of telecoms network owners getting into TV. It would be something new built not on infrastructure ownership but customer relationships. BT’s consumer business is already in talks with ITV over a partnership in sport that may offer a proving ground.

This may not be the only solution to the Drahi question but it is the sort of radicalism that is required from the BT board and its new chairman.

BT is likely to be in the market for a new finance director in the not-too-distant future to replace Simon Lowth, who joined back in 2016. Few in the City would bet against Ian Griffiths, who performed the role alongside Crozier at ITV. He wouldn’t be hard to find. Griffiths is currently counting the beans at marketing data company Kantar, which is chaired by … Adam Crozier. It’s a small world. From November, Kantar’s chief executive will be Philip Jansen’s brother Chris.

[nige co] 18/8/2021 08:20

Agreed Stan, I am not too worried regarding BT, I think that the share price will recover to at least 300p, my price target. I'm more concerned about ITV. After 4 years of investing in ITV, I'm losing confidence in the management. I'm determined not to take a loss, so I will just sit on them and collect the dividends. I hope that I'm proved wrong and we do receive a takeover bid, but if someone was going to bid I think that it would have happened by now. I hope that Ivan is proved right, but after waiting 4 years for the bid that has never happened?

[nige co] 17/8/2021 22:31

Stan, I don't know what connection if any that Crozier had with any off book trades, doubtful I would have thought. I must admit I thought that the large USA ADR's volume a few months ago was a sign of something brewing, but since Matthew who seems to know his stuff cleared that one up. I think that Goldman did have a hold of ITV when it held 25%. 9.9% on behalf of LG. Now I'm not too sure what to think regarding GS.

I live in hope of a bid, I'm starting to think that a bid is the only way that the share price will ever recover to a respectable 160p - 170p.

[stansmith3] 17/8/2021 22:13

nigethey were his words, im just asking what Adam Croziers connection to the off book trades, us volume, goldman sachs and everything elseat this point it looks as thought ivan will add anything he can to keep his story goinghe can clear it up any time he wishes....

[nige co] 17/8/2021 21:50

I'm not bothered who's right or who's wrong, I just want a bid, any bid will do to start the bun fight.

[stansmith3] 17/8/2021 20:09

IvanBut you said a week ago Adam Crozier was involved, what is his part in the algo 2000 share trades?Or do you just lump everything in, so that you can claim you were right?

[ivanborsky] 17/8/2021 19:10

Stag6, I'm glad I'm not the only one who can see what's going on here. You just have to look back to 6th April when GS issued a 'reduce' recommendation on ITV from 135p target price to 118p. Since then the order book has been inundated with '2000' share trades, its obviously an ALGO to keep an 'orderly' market as it were without letting the stock get ahead of itself. Have a look at the trades today and tomorrow and keep a look out for those ALGO '2000' share trades !!! When will this come to halt, well as Blackrock topped up with 20m shares last week, maybe its pretty soon perhaps ??

[stag6] 17/8/2021 18:38

This market in ITV shares is like watching paint dry, marketmakers shuffling teeny trades up to a tad off 120p.

Up she goes in dribbles capturing any orders close to their cap, then down in what is an obvious false market.

They must have control of a huge piece of ITV by now.

When will the action start.

[hades1] 17/8/2021 17:28

Disappointing day but less than 5million traded.Nothing reported in tonight's Daily Telegraph concerning SDN license renewal - I won't hold my breath.

[netcurtains] 17/8/2021 16:06

should give the share price a boost ----- eventually.

[ivanborsky] 17/8/2021 16:04

Here's the news release from the Government :-

[hades1] 17/8/2021 15:55

FOUND IT RENEWED! - see bottom.
SDN RENEWED

Press release

From:
Department for Digital, Culture, Media & Sport and The Rt Hon John Whittingdale OBE MP
Published
17 August 2021

Ministers decide Freeview platform will be supported until at least 2034

Public service and commercial broadcasters can continue to deliver content free-to-air to audiences across the UK

Channels such as ITV 2, Dave, E4 and Film 4 will continue to benefit from nearly 99 per cent UK availability

The government is extending the five national multiplex licences for the Digital Terrestrial Television (DTT) platform - better known as Freeview - until 2034. This will protect for the future the main way audiences currently enjoy a diverse range of digital TV channels for free.

It will guarantee prime spectrum - the radio waves used for transmitting signal - for commercial public service broadcasters (PSBs) such as ITV, Channel 4 and Channel 5, so they can reach the maximum number of viewers in the UK as they compete with the streaming giants in a changing media landscape.

TV multiplexes are digital networks which allow many TV channels to be compressed and transmitted all at once over a single radio frequency. Freeview is hugely popular with UK audiences and is broadcast over a number of multiplexes carrying five or more TV channels, radio stations, text services and electronic programme guides.

The DTT multiplexes guarantee that PSB content is free to air and widely accessible to consumers due to their nearly 99 per cent coverage of the UK. They have become vital for the UK’s TV networks - allowing the PSBs to expand their offerings with a host of new channels such as ITV2 and E4.

Media Minister John Whittingdale said:

Today we are guaranteeing the future of Freeview TV and a diverse range of much-loved news, entertainment and documentary channels well into the 2030s.

Securing the future of Freeview means people can continue to enjoy its great content while we also protect a vital medium for our public service broadcasters so they can serve audiences in the years to come.

The government launched a consultation in December 2020 seeking views on the renewal of the multiplex licences expiring in 2022 and 2026 on the DTT platform. In a response published today, ministers have decided to give Ofcom the power to carry out a renewal of all five national multiplexes until 2034.

This removes any change or disruption to Freeview that could have come about through new ownership and will provide stability and certainty to PSBs about the future of their channels on the platform.

In a further move to support the PSBs, the government will legislate to make ownership of Multiplex 2, which is currently jointly owned by Channel 4 and ITV, contingent on PSB status. It will ensure that PSBs always have a space on the Freeview platform to serve the widest audience possible. The multiplex licences being renewed are:

Multiplex 2 - expiring in 2022 and carrying the commercial PSB channels ITV/STV, Channel 4 and Channel 5, as well as some of their portfolio channels (e.g. ITV 2, Film 4, E4 and More4)

Multiplex A - expiring in 2022 and carrying only commercial services including some of the commercial PSBs portfolio channels (e.g. ITVBe and 5USA) and some other commercial services (such as QVC and Quest)

Multiplex B - expiring in 2026 and carrying PSB High Definition services including BBC One HD; ITV HD, Channel 4 HD and Channel 5 HD

Multiplexes C and D - expiring in 2026 and carrying a range of commercial channels including Dave, Sky Arts and news channels such as Sky News, Al Jazeera and GB News

ENDS

Notes to Editors

As set out in the government response, the Department for Digital, Culture, Media and Sport will shortly bring forward an Order made under section 243 of the Communications Act 2003, which will amend the multiplex licensing regime in Part 1 of the Broadcasting Act 1996 to:

Give Ofcom the power to carry out a renewal of Multiplexes 2, A, B, C, and D until 2034
Make ownership of Multiplex 2 contingent on PSB status
Include a power giving Ofcom the ability to revoke licences for spectrum management reasons with the consent of the DCMS Secretary of State but require that revocation cannot take effect before the end of 2030 and that a five year notice period must apply
Remove the requirement for applicants to submit technical plans and marketing proposals
Remove the power for Ofcom to set a Percentage of Multiplex Revenue (PMR)

The current owners of the multiplex licences to be renewed are:
Multiplex 2 is licensed to Digital 3&4 Limited (D3&4), a joint ITV and Channel 4 subsidiary
Multiplex A is licensed to SDN, an ITV subsidiary
Multiplex B is licensed to BBC Freeview, a commercial subsidiary of the BBC
Commercial multiplexes C and D are licenced to the communications infrastructure and media services company Arqiva
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[hades1] 17/8/2021 15:53

SDN renewal See below

[ivanborsky] 17/8/2021 15:37

Just out but don't expect to see it in the Telegraph any time soon :- 'Channels including ITV2 and E4 to remain on Freeview until 2034'.......
Public service and commercial broadcasters can continue to deliver content free-to-air to audiences across the UK.

Freeview: Channels will remain free to air for another ten years.

By PA Media
1 hour ago


TV fans will continue to have access to channels such as ITV2, Dave and E4 for free as Freeview licences are renewed for another decade.

Public service and commercial broadcasters can continue to deliver content free-to-air to audiences across the UK after ministers decided the Freeview platform will be supported until at least 2034.

This means free access for viewers to digital TV channels is protected into the next decade.

ITV2 is home to ratings hit Love Island, while the Married At First Sight series airs on E4.

Dave is home to Big Zuu’s Big Eats and Unforgiveable, as well as re-runs of Top Gear and Taskmaster.

The Government has given Ofcom the power to renew the five national multiplex licences for the Digital Terrestrial Television (DTT) platform – better known as Freeview.

TV multiplexes are digital networks which allow many TV channels to be compressed and transmitted all at once over a single radio frequency.

Media minister John Whittingdale said: “Today we are guaranteeing the future of Freeview TV and a diverse range of much-loved news, entertainment and documentary channels well into the 2030s.


“Securing the future of Freeview means people can continue to enjoy its great content while we also protect a vital medium for our public service broadcasters so they can serve audiences in the years to come.”

The Government has also announced it will legislate to make ownership of one of the multiplexes, Multiplex 2 – which is currently jointly owned by Channel 4 and ITV and carries channels including ITV 2, Film 4, E4 and More4 – contingent on being for public service broadcasting.

The move aims to ensure public service broadcasters (PSBs) such as the BBC, ITV and Channel 4 always have a space on the Freeview platform.

The move comes as the Government is consulting on plans to privatise Channel 4.

The channel, which was founded in 1982 to deliver to under-served audiences, is owned by the Government and receives its funding from advertising.

Potential investors are likely to include big American companies.

Also included in the renewal are Multiplexes C and D, which include Sky News, Al Jazeera and new channel GB News.

[hades1] 17/8/2021 15:29

L2/3 more positive since US open.

[hades1] 17/8/2021 09:45

L2/3 recovered on a low volume day.
Volume extremely low on way down but higher when recovered.
1011k:980k
US futures weak and US $ strong + £ weak - $/€ earners performing better.
VOD/WPP/BHP FTSE100 etc flat/up.
Let's hope ITV gets dragged up with the market.

[hades1] 16/8/2021 08:19

Believe The Times article helping this morning - article concerning the strength of ITV Studios.
Interesting how the lines have been drawn between The Telegraph and The Times post Brexit and Pandemic.
The The Times is still a balanced newspaper!
L2/3 830:840k - price down 0.2% Not bad give FTSE100 down 42 points.
Telecoms also doing OK

[netcurtains] 16/8/2021 08:12

82% is a big jump.

[nige co] 16/8/2021 08:03

US viewers are prime target for ITV

ITV is in talks about launching transatlantic spin-offs of some of its biggest shows including I’m a Celebrity . . . Get Me Out Of Here! after a rise in production revenues in the United States.

The company, which has already reworked formats including Love Island and The Chase for American audiences, hopes to ship other successful British programmes. David George, chief executive of ITV America, said that it was in talks over “multiple formats” with network executives in the country.

ITV, a FTSE 100 company valued at £4.9 billion, has 6,000 staff. Britain’s biggest commercial broadcaster has a vast production division to make programmes as well as broadcast them. American revenues at ITV Studios, the production business, jumped by 82 per cent in

[hades1] 15/8/2021 20:38

I concur with that!
For my sins 25yrs ago part of my job was to deal with them.

[matthewr1] 15/8/2021 19:53

Also , and I say this objectively after 25 years in the industry…̷0;. Financial journalists are total muppets who have no idea what they are talking about.

[matthewr1] 15/8/2021 19:51

Honestly it’s a bit if a pointless question. They are the biggest asset manager in the world so will be constantly raising & trimming positions. There is no clever view here apart from viewing their behaviour as investing in something that is cheap.
Or not

[hades1] 15/8/2021 14:10

Telegraph ITV article already dropped to the bottom of their business pages in digital edition - scroll down a long long way!