Liberty Global has acquired 138.7 million shares in UK commercial broadcaster ITV, increasing its existing stake to a total of 398.5 million shares in ITV — approximately 9.9% of ITV’s ordinary shares outstanding.
The acquisition of the additional ITV shares, combined with amending an existing hedging transaction with respect to ITV shares, will result in net cash being released to Liberty Global.
“Given ITV’s operating and stock price performance, we were able to increase our stake to 9.9% with no incremental investment by hedging our existing equity position,” comments CEO Mike Fries. “This investment remains an opportunistic one for us in our largest market. ITV is a well-run company with attractive growth potential, and we are pleased to increase our position as their largest shareholder.”