ITV offer rebuffed

ITV which is responsible for the production of such popular TV soaps as Coronation Street, has been attempting to increase its presence in the world’s entertainment business and has made an offer to purchase Entertainment One for £1 billion (€1.2 billion).

The Canadian company owns the rights to a very varied portfolio of entertainment properties including Peppa Pig, The Walking Dead and as many as 40,000 different movies in a back catalogue which that company values at more than the price being offered so it rejected ITV’s  bid.

Originally as a music distribution company, Entertainment One also owns 45,000 music tracks and has a huge library of TV programmes, which with the growth in internet and cable channels, is multiplying in value they believe.

From the point of view of the Canadian company, the offer has been helpful as it has seen a major jump in its share value but if ITV wants to extend its business, it will need to increase its offer.