ITV takes full control of GMTV
Pays $37 mil for Walt Disney Company's 25%LONDON -- ITV has paid £22.5 million ($37.1 million) to acquire the Walt Disney Company's 25% in GMTV, the U.K.'s breakfast TV franchise, giving it full control of the company which broadcasts from 6 a.m. to 9.25 a.m. weekdays.
The move means that ITV will be able to offer advertisers a mix of ad slots including mornings, and reshape its daytime strategy from 6 a.m. to 6 p.m., acting ITV chief executive John Cresswell said Thursday.
Around 30 jobs are expected to be cut from GMTV, which currently employs over 300 staffers.
"GMTV is the gateway to the ITV day and a perfect fit with ITV's existing daytime programming," said Cresswell.
"It represents an exciting opportunity to create a highly complementary daytime schedule offering great programming from 6 a.m. to 6 p.m."