New ad rules boost ITV share price

Office of Fair Trading ruling sees shares up 7%

LONDON -- Shares in ITV soared 7% Friday on news that regulators will re-evaluate the way the commercial broadcaster sells its advertising, with a view to relaxing some of the regulations ITV bosses have lobbied against.

ITV shares were up 7% at 39.5 pence (64 cents) almost their highest level in six months, after antitrust body the Office of Fair Trading said the mechanism should be updated.

Shares have also been buoyed by recent analyst reports that have switched the stock from "hold" to "buy."

ITV executive chairman Michael Grade is understood to have made cutting the broadcaster's regulatory burdens a key goal in his last few months in the job.

ITV is expected to announce a new chief executive before the year-end.