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Share Name Share Symbol Market Type Share ISIN Share Description
Itv Plc LSE:ITV London Ordinary Share GB0033986497 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  4.84 5.86% 87.50 18,456,276 16:35:04
Bid Price Offer Price High Price Low Price Open Price
87.84 87.94 88.04 83.54 84.38
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 3,453.00 480.00 9.40 9.3 3,522
Last Trade Time Trade Type Trade Size Trade Price Currency
18:28:29 O 96,962 86.864 GBX

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02/2/202320:32ITV Plc 2022 More Than TV2,452
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13/1/202308:52ITV266

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Posted at 01/2/2023 14:14 by corby3
Here is snapshot of it, although I doubt ITV will be subject to a hostile bid, any bid would consist of parties willing to sell at an acceptable premium on the NAV of 192p.

What Happens to the Target Company's Shares in a Hostile Takeover?
By Adam Hayes
Updated May 07, 2022


The target company in a hostile takeover bid typically experiences an increase in the price of its shares. A hostile takeover is when an acquiring company makes an offer to the target company's shareholders, but the board of directors of the target company does not approve of the takeover. Concurrently, the acquirer usually engages in tactics to replace the management or board of directors at the target company.
Key Takeaways

The target company in a hostile takeover bid typically experiences an increase in share price.
The acquiring company makes an offer to the target company's shareholders, enticing them with incentives to approve the takeover.
A tender offer is a bid to purchase the stock shares of the target company at a premium to the market price of the stock.

Understanding How Hostile Takeovers Impact Shares

Hostile takeovers typically occur among publicly-traded companies where the owners are shareholders represented by a board of directors. A hostile takeover can occur for a few reasons. The two companies might have failed to reach a merger agreement, or the target company decided to not go forward with the merger.

Also, a group of investors might believe the management of the company is not fully maximizing shareholder value. Also, the investors might make a case for a new management team. The acquirer can also be a company. Public companies can acquire a target company through the shareholders even if management doesn't want the takeover.

The result is the use of hostile tactics to acquire the target company by the investors or acquiring company. The goal of the takeover by the acquirer is to achieve at least 51% ownership in the target company's stock. The strategies used in a hostile takeover can create additional demand for shares while creating an acrimonious battle for control of the target company.
Tender Offer

Acquiring companies can you use a strategy called a tender offer to purchase the shares of the target company. A tender offer is a bid to purchase the stock shares of the target company at a premium to the market price of the stock.1 In other words, an acquiring company might bid $50 per share for the target company when its shares are trading at $35 per share. As a result, a tender offer can lead to a significant increase in the stock price for the target company.

The reason the acquiring company makes an offer at a premium to the current stock price is to entice the existing shareholders of the target company to sell their shares and allow the acquiring company to own the majority stake. The tender offer is typically conditional on the acquiring company obtaining controlling interest in the target company. In other words, if the acquirer can't entice enough shareholders to sell their shares, the bid to buy the company is withdrawn.1
Proxy Vote

A proxy vote is another hostile takeover strategy whereby the acquiring company attempts to convince existing shareholders of the target company to vote out their executive management and board of directors. The acquiring company would then replace the necessary management team and board members with people who are open to the idea of the takeover and will vote to approve it.2
Special Considerations

Hostile takeovers, even if unsuccessful, typically lead management to make shareholder-friendly proposals as an incentive for shareholders to reject the takeover bid.

These proposals include special dividends, dividend increases, share buybacks, and spinoffs. All of these measures drive up the price of the stock in the short-term and longer-term. Dividends are typically cash payments made to shareholders by the company. Special dividends are one-time payouts to shareholders. Dividend hikes are bullish catalysts, making the stock more attractive, especially in low-rate environments.

Share buybacks create a steady bid for the stocks and reduce the supply of stock. Spinoffs are strategic decisions to divest non-core business units to create higher valuations and provide a more focused vision and business for shareholders.

It's important to note that hostile takeovers are usually a referendum on the target company's management. Shareholders must weigh their faith in management's long-term vision against the potential for quick profits.
Real-World Example of a Hostile Takeover

RJR Nabisco’s buyout is one of the largest and most controversial hostile takeovers in U.S. history. RJR Nabisco Inc. was a tobacco and food company and was eventually purchased for $25 billion by the investment firm; Kohlberg Kravis Roberts & Co in the late 1980s.3

RJR managers had also presented bids in an effort to thwart the hostile takeover from Kohlberg Kravis. The initial bid from the management team began at $75 per share. Over the course of a few days of intense bidding, Kohlberg Kravis won the bid with $109 a share.3

In other words, the winning bid was a 45% increase in the stock's price from the initial $75 bid from RJR's managers. The intense, contentious bidding war was chronicled in the book (and movie) titled the Barbarians at the Gate.
Article Sources

Posted at 01/2/2023 13:29 by stronghands
Liberty with 9.95% are the issue (as we know). In 2014, they initially spent 481m for a 6.4% stake at an share price of 185p. The following year they upped that to 9.95% when the ITV share price was trading around the order of the 250p mark. So, they have a cost average of over 200p. Presumably, they want something like that 200p back.

If they are unwilling to sell, to what extent does that impede a successful bid? Anyone on the board with any knowledge of how bids work in the UK?

Posted at 31/1/2023 15:20 by ivanborsky
Another bit of good news from ITV, I just hope that all the good news is not already factored into the price come the figures next month !! :- 'ITV scores biggest hits in broadcaster streaming in 2022'...........

'Love Island and ITV’s World Cup coverage were the most watched events in broadcaster streaming in 2022, with 273 million streams and 146 million streams respectively.

Award-winning fan favourite Love Island tops the table as the biggest series in UK broadcaster streaming, with more than 273 million streams last summer, making it the show’s most streamed series ever.

The top episode in the series achieved 8.9 million streams.

ITV’s World Cup coverage had a total of 146 million streams across the 34 matches broadcast by ITV during the tournament.

The most streamed match was England v France in the Quarter Final which had an impressive 15.4 million streams, through ITVX.

ITV also secured the biggest entertainment series of 2022 in broadcaster streaming, with I’m A Celebrity Get Me Out of Here! recording 57 million streams. The launch episode was streamed 5 million times.

2022 also boasted ITV’s best ever day for streaming with 30 million streams on 10th December (when ITV broadcast England v France and Morocco v Portugal) and ITV also secured its best ever month in streaming, for July 2022 with 276 million streams.

Kevin Lygo, ITV’s Managing Director of Media and Entertainment said:

“Our streaming numbers for 2022 demonstrate that ITV is home to the biggest events, in both TV and streaming.

We have a strong schedule in 2023 and some exciting events from the Rugby World Cup to the return of Big Brother, as well as a whole host of brilliant dramas and more, all of which will be available through ITVX”.'

And a plea to ITV bosses from me, please get rid of that 'Dancing' on ice ! Most of the contestants are on the floor most of the time or maybe in Musicals week someone can skate to Elton John's 'I'm still standing' !! It really is dire !!

Posted at 27/1/2023 12:15 by jimbull
Reported in the 'Times' in December, Dame McCall stated that her tenure at Easyjet had a lot of turbulence before the share price took off and that her experience at ITV has been the same. She also said that ITV has been a great challenge that is going to fly!

I have watched a lot of great stuff so far on ITVx, 'Stonehouse' 'Spy Among Friends'
'Litvinenko' and 'Without Sin' to name a few in the first month. I also know that 'Love Island' has good viewing numbers and imo all is good.

Considering the ITV share price fell 40% last March on a 'death knell' perpetrated by the market media, plus three bashings by Morgan Stanley, excuse me for thinking they may be wrong and hate to admit it. I won't jump the gun and say the March report will be better than expected, but the recent move upward in the share price seems to be fairly positive on expecting decent numbers.

Https://www.rapidtvnews.com/2023011363333/itvx-becomes-instant-hit-with-streaming-viewing-users.html

Posted at 13/1/2023 20:38 by hades1
The Times tomorrow/tonight

ITVX celebrates strong first month thanks to World Cup

ITV’s new online platform has lifted the broadcaster’s streaming hours by 55 per cent in the first month of operations.
The FTSE 100 company launched its ad-funded service, ITVX, on December 8 in an attempt to emulate the success of Netflix.
The platform has replaced the broadcaster’s catch-up service ITV Hub to give viewers the chance to watch programmes online before they are shown on television. The broadcaster is using the service to expand its programme archive and buy more content from international studios. ITVX also streams live programmes such as sporting events and reality shows including Love Island.
The new platform is paid for by advertisers but viewers can subscribe to watch programmes without adverts and gain access to content on BritBox. ITV has acquired full control of BritBox in the UK after it purchased the BBC’s 10 per cent stake in the project.
Carolyn McCall, ITV’s chief executive, announced plans for a new service intended to help the group retain viewers in March last year. She said the broadcaster would invest more than £180 million in the project by the end of this year as part of plans to invest more than £2.5 billion in content.
She said: “It’s great to see so many new viewers coming into ITVX. The football World Cup has been an important part of that.
“Away from live streaming, viewers have welcomed our strong slate of commissioned launch titles exclusive to ITVX, with many viewers coming from harder-to-reach audiences.
“ITVX has also landed really well with advertisers, who see the increased value of the scale and reach of the audience they can now target in a high-quality, brand-safe and measurable streaming environment.”
ITV has so far used the platform to release its Cold War drama A Spy Among Friends, starring Damian Lewis and Guy Pearce, and the natural history documentary A Year on Planet Earth, presented by Stephen Fry.
McCall is trying to expand ITV’s digital business as customers switch from catch-up to streaming services from the likes of Amazon, Disney and Netflix. Consumers increasingly expect to access an entire series of a drama online rather than watching an episode after it has aired.

Posted at 13/1/2023 10:35 by isis
ITV hails strong performance from new streaming service ITVX
Fri, 13th Jan 2023 08:31
(Sharecast News) - ITV said on Friday that ITVX, its new, free, ad-funded streaming service, performed strongly in the first month after its launch on 8 December.

The service delivered a 55% jump in the broadcaster's streaming hours versus the same period last year. During the launch month, ITV's online users rose by 65% on the same period a year earlier.

ITV said the latter stages of the World Cup were big draws, while ITVX's new exclusive content also performed strongly, attracting "new and light" viewers.


Chief executive Carolyn McCall said: "It is great to see so many new viewers coming into ITVX. The football World Cup has been an important part of that. Excluding the football, our underlying streaming viewing during the month was up 29% year on year and we continue to see strong year on year growth in January.

"Away from live streaming, viewers have welcomed our strong slate of commissioned launch titles exclusive to ITVX, with many viewers coming from harder to reach audiences."

McCall also said the streaming service has "landed really well" with advertisers.

Posted at 10/1/2023 19:14 by hades1
As I mentioned at the time the 15th December downgrade wasn’t a full ITV analysis it was just a few lines in a 50page European Sector Report.
Today’s Note from Morgan Stanley was a specific 14page update report on ITV in isolation.
It’s unfortunate they ever mentioned ITV as a downgrade (in passing) in the sector report pre Christmas - It was premature.
As usual Morgan Stanley largely ignore the ITV Studios business and concentrate on the Broadcasting side of the business as it’s easier to quantify.
I have read full report report - It’s all based on the very weak UK and subsequent weak advertising revenues. Again they issued a range of prices based on various scenarios(end of the world at 21p, base at 44p, return to Jan 22 at 95p). Morgan Stanley have consistently bears concerning UK and so ITV post Aug 2016.
“Our Base Case(44p) scenario assumes ITV core advertising growth is -2% in 2022, declines at 7% in 2023 (macro slowdown, junk food ban), 4% in 2024 and then declines at ~2.5% pa thereafter; and that ITVX generates £270m of ad revenue and ~£100m of subscription revenue by 2026. On our 2021- 26 forecasts, revenue grows 2% pa and EPS declines 7% pa. At our valuation, ITV would trade at ~5x 2024 P/E.”
Today Bloomberg unfortunately also reported the Morgan Stanley ITVX ‘opinion piece’ in today’s report which was unflattering and unsubstantiated.
ITV are within 90 days of reporting year end 22 so couldn’t comment.
All extremely unfortunate but nothing more than that.
INCREDIBLY FRUSTRATING but last time (15th Dec) the share price recovered quickly and actually rose to a higher level - Let’s hope history repeats itself.

Posted at 10/1/2023 14:03 by diku
Of course the Dame doesn't control the share price...but clearly evident for today the broker controls the share price with the heavy down grade...6p knocked off from yesterday highs and still few hours to go today...If I remember correctly mid Dec 2022 it fell around 6p intraday...same broker..mischief...



jonnybig10 Jan '23 - 13:17 - 1875 of 1884
0 2 0
You can't blame the dame for share price performance. The last update was very positive.

You have to accept the market is totally illogical and does its own thing.

Posted at 10/1/2023 11:52 by sharebuddy1
jonnybig I’ve learnt over the years that the fundamentals do not mean anything so far as the ITV share price is concerned so best not to even mention the P/E ratio, ROCE, net asset value, turnover, profit etc etc. If this was another share the price would be at least £1.80.
Posted at 10/1/2023 10:46 by diku
This was from Oct 2022...maybe option still there...



ITV SAID TO BE LOOKING INTO SPINNING OFF PRODUCTION ARM
(Sharecast News) - Television company ITV was said to be reviewing its ITV Studio production arm, including whether or not to sell the unit as part of an effort to bolster the broadcaster's share price.
According to the Financial Times, ITV has fielded expressions of interest in ITV Studios after chief executive Carolyn McCall was said to have been weighing options for the group's Studios wing, which has been estimated to potentially be worth more than its parent company's £2.5bn market capitalisation.

While an unnamed ITV insider told the FT that a sale was still unlikely due to longstanding resistance of breaking up the group's integrated broadcaster-producer model, they also noted that the gap in valuations made the option "impossible to ignore".

Potential buyers were said to include private equity groups and other large independent producers - such as Freemantle or FL Entertainment.

AJ Bell's Russ Mould said: "Enormously frustrated with its stock market valuation, ITV appears to be looking for ways to put a spotlight on what it perceives as the company's true worth.

"It may also be in management's minds that thanks to weak sterling and a depressed valuation it is at risk of being bought up wholesale on the cheap. Virgin Media owner Liberty Global has long held a strategic stake in the free-to-air broadcaster so that is a name to watch."

Mould also noted that ITV faces short-term problems associated with its exposure to advertising, which he said was "likely to suffer" in any slowdown, and longer-term concerns over a structural shift away from analogue television.

"The market reaction to its ITVX digital platform plans were pretty savage, with significant concern over the costs involved. The expansion of the production division, which has been underpinned by acquisitions made by ITV itself, is all part of an attempt to make the business less reliant on volatile advertising revenue."

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