Shares in ITV, the UK’s biggest free-to-air broadcaster, are under pressure on Wednesday.
Merrill Lynch has done the damage, cuttings its recommendation to “underperform” because it believes ITV’s forthcoming strategy review won’t address the fundamental limitations of its business model. As Merrill writes: Read more
As the FT revealed overnight, ITV has finally found a chairman:
failed MP former Asda and Energis boss Archie Norman. Read more
Archie Norman, the former Asda executive and Conservative MP, is to buy the HSS tool hire chain from 3i for £310m – the first deal by his Aurigo Management vehicle. The announcement on Wednesday came just over a year since Aurigo was set up to acquire underperforming businesses. The wait had raised eyebrows in the buy-out industry and Mr Norman said that the sky-high prices engendered by the private equity boom made good deals hard to find, especially at the distressed end of the market. Mr Norman will become chairman of HSS. Read more