NTL drops bid for ITV
- Added:
- Nov 27, 2006
The company announced it had "no present intention" of making an offer for the broadcaster and said it was unlikely to strike a deal "on terms acceptable to NTL".
ITV had already said there was "little, if any, strategic logic" for a tie-up with NTL.
The cable company's decision came after BSkyB bought a 17.9% stake in ITV.
However, NTL said it is now pressing ahead with its regulatory objection to Sky's stake in ITV.
It reserves the right to make a fresh approach for the commercial broadcaster should another bidder emerge or Sky sell "all or a material part of its stake in ITV".
NTL has contacted the Office of Fair Trading and Ofcom, the media and telecoms watchdog, to complain about the satellite broadcaster's swoop on ITV.
Ofcom is currently examining whether Sky's stake represents a "change in control" that might affect ITV's programming.