Departure of ITV CEO Crozier “had been feared by the market for months now,” even as announcement was expected a little later, AlphaValue (add) says in a note.
- Notes the successful transformation of ITV under Crozier into an international content production company, reducing its dependence on volatile domestic TV advertising
- Chairman Bazalgette’s experience and reputation provides some reassurance regarding the appointment of the next CEO, according to Veronique Cabioc’H, an analyst at AlphaValue
- Co.’s strategy is also “clear and well-defined”
- Move “could also revive the speculative appeal of the stock in the next few months”
- Liberum (buy) says the move “could potentially be a sign that ITV might be heading for a sale”
- Liberty Media “will be inevitably mentioned” on a potential bid; another option to consider is a joint bid by Liberty and Discovery, noting the close links between the two companies, analyst Ian Whittaker says
- Shares decline as much as 3.1%, pare drop to 1.3%
- NOTE: ITV was the most often mentioned target in Europe M&A desk survey in February