ITV in merger talks with NTL

Excitement on the LSE as news of talks have been taking place for a merger between UK broadcaster ITV and cable operator NTL.

In a statement responding to a 'highly tentative' preliminary approach from NTL, ITV said the cable giant has yet to table a firm offer.

'The board of ITV has indicated its willingness to listen to any bona fide proposal, but to date no meeting has been held nor has any proposal been received,' ITV said in a statement.

Meanwhile, the cable operator has announced it is changing its name to Virgin Media after taking over Virgin Mobile in July.

The ITV CEO position is vacant and a rumoured successor is ex-Ofcom chief executive Stephen Carter inside an enlarged group because he is a former managing director of NTL. ITV shares have surged to 112.25 up 7% today.

Earlier this year, a group of private equity firms including Blackstone Group, Apax Partners (see previous post) and the investment arm of Goldman Sachs abandoned an attempt to take over ITV at approx 130 p per share, after its approach was rejected. Bid battle in store ?

Pic * watch out as Bill Webster makes a pass for Audrey after a night out with at the dogs.