ITV originally said it had offered 236p for each eOne share, valuing the group, which also distributes films like BFG and is reviving The Chronicles of Narnia with Dreamworks, at £1.03 billion.
That approach was rejected by eOne’s board, including its largest shareholder the Canadian Pension Plan.
ITV has been rapidly expanding its production business as it cuts its reliance on the variable revenues it receives from UK advertising.
Last year eOne bought 51% of Mark Gordon’s US production company, which made the TV series Grey’s Anatomy and the films Steve Jobs and Saving Private Ryan.
EOne shares tumbled 13%, or 32p, to 219p. ITV shares rose 3.1p to 204.9p. Analysts said eOne could still be a bid target, with KKR reported to have shown an interest in the business.
