Shares in ITV (LON:ITV) have climbed higher in today’s session, outperforming the broader UK market, with investors welcoming the group’s statement that it does not intend to bid for Endemol Shine. The move follows recent press speculation that the FTSE 100 group was interested in the company behind programmes such as Big Brother, The Fall, MasterChef and Peaky Blinders.
As of 12:38 BST, ITV’s share price had added 4.23 percent to 163.01p, outperforming the London market, with the benchmark FTSE 100 index currently standing 0.61 percent higher at 7,519.85 points. The group’s shares have added a little over seven percent to their value over the past year, as compared with about a 0.5-percent gain in the Footsie.
ITV responds to press speculation
ITV announced in a short statement today that “in light of recent press speculation,” it confirmed “that it has no current intention of making a bid for Endemol Shine Group”.
The statement comes after it recently emerged that the FTSE 100 group was among a number of parties in the running to buy Endemol, which has been put up for sale by its owners, Apollo, the private equity firm, and 21st Century Fox. Other bidders reportedly include All3Media, backed by Liberty Global, which also owns a stake in ITV, and Banijay, the French production company backed by Vivendi.
Analysts on blue-chip broadcaster
The 18 analysts offering 12-month price targets for ITV for the Financial Times have a median target of 195.00p on the shares, with a high estimate of 275.00p and a low estimate of 110.00p. As of September 28, the consensus forecast amongst 19 polled investment analysts covering the blue-chip group has it that the company will outperform the market.