Disney sells UK stake in GMTV
UK commercial network ITV has bought the 25% share of morning TV franchise GMTV that it did not already own. The Walt Disney Company is the seller.
ITV is paying Disney an overall £22.25m for the 25%, which is to be paid in two portions: £18m in cash for the actual 25% stake, and a further £4.25m for Disney's share of GMTV's cash-at-hand balance at the end of this year. ITV already owned 75% of the broadcaster that transmits a breakfast-time channel across the UK.
John Cresswell, ITV's chief operating officer, said: "GMTV is the gateway to the ITV day and a perfect fit with ITV's existing daytime programming. It represents an exciting opportunity to create a highly complementary daytime schedule offering great programming from 6am to 6pm."
Good Morning TV (the service's original name) was launched on Jan 1993 and claims the highest breakfast-time viewing audience in Europe. It re-launched earlier this year with new branding, set and graphics. It transmits from ITV's studio complex on the South Bank.