LONDON--Liberty Global PLC (LBTYA), entrepreneur John Malone's
U.S. cable group, Friday said it has increased its stake in ITV
Group PLC (ITV.LN), the U.K.'s largest over-the air commercial
broadcaster by revenue, to 9.9%.
In a statement, Liberty Global said it acquired 138.7 million
shares in ITV, which increases its existing stake to 398.5 million
shares.
Liberty Global said it entered into a hedging transaction with
respect to the ITV shares it has acquired and obtained further
financing from its hedge counterparty. The acquisition of the
additional ITV shares, combined with amending an existing hedging
transaction with respect to ITV shares, results cash being returned
to Liberty.
"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," said Liberty Global Chief
Executive 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."
Liberty Global said it not intend to make an offer to acquire
ITV.
Shares in ITV closed Thursday at 272 pence, valuing the company
at GBP11 billion ($17.2 billion).
--Write to Simon Zekaria at simon.zekaria@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
