Bidders tune in to troubled ITV

VENTURE capital groups will consider bidding for ITV if the embattled company's share price falls much further.

It has dropped by almost a third since the company was created in February from the merger of Granada and Carlton.

At Friday's close of 101 1/2p, ITV is valued at £4.2 billion.

The decline has fuelled talk that chief executive Charles Allen's job is on the line if he does not produce a credible growth strategy. The station's viewing figures have been poor, its audience share in July running at just 21%.

Private equity sources have told Financial Mail that if the share price falls to 90p, ITV would be vulnerable to a takeover bid.