Granada in plan to float minority stake after media revamp

Granada Group has announced a major overhaul of its media business and is planning to float a minority stake in the restructured operation this summer as it turns all its guns on the issue of ITV ownership.

Granada Group has announced a major overhaul of its media business

and is planning to float a minority stake in the restructured operation

this summer as it turns all its guns on the issue of ITV ownership.



Granada has already made clear its intention to mount a bid for either

United News & Media or Carlton Television if the Competition Commission

rules in favour of further ITV consolidation next month. Now, by

separating off its media assets from the Granada catering businesses and

overhauling the entire media operation, the Granada Group is aiming to

ensure that it remains a serious ITV player.



The media restructure will see the creation of four new divisions under

the Granada Media banner: Granada Creative, housing production

businesses; Granada Broadcasting, managing the four ITV licences held by

Granada; Granada Broadband, which will exploit new opportunities arising

from the growth in digital, the internet and broadband technology; and a

rebranded and expanded commercial operation, Granada Enterprises.



Enterprises will be headed by the chief executive of Granada Media, Mick

Desmond. He said that the new operation would ’offer advertisers a

one-stop shop across all of our platforms, from analogue ITV to the

internet and into areas such as WAP and broadband’.



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