ITV to expand regional presence with Channel Television acquistion

18th Oct 2011 10:58

Television broadcaster ITV has revealed its intention to acquire Jersey-based Channel Television from its current owners Yattendon Group for an, as of yet, undisclosed sum.In a short statement released this morning, ITV said, "ITV plc announces that it has entered into an agreement with Yattendon plc to acquire Channel Television subject to the approval of the Jersey Competition Regulatory Authority."Channel 3 has 15 regional licenses across the UK, 11 of which in England and Wales are already owned by ITV. STV owns two Scottish licences, UTV has the licence for Northern Ireland while Channel Television currently holds the licence for the Channel Islands."Channel Television is proud of its strong local heritage and under ITV's ownership, will continue to serve the communities in the islands with high quality news, information and factual programming," Channel Television said on its website.Channel Television has been running for 50 years, while Yattendon has owned Channel Television for just a decade.Despite falling by 2.6% in the first hour of trade, ITV shares picked up after the announcement and ere just 0.8% down at 61.9p by 11:13.BC