25/10/2002

The merger has been agreed. After complex negotiations, the two most important English independent television companies, Carlton Communication and Granada, have finally joined forces and founded a new, single TV company. The combined business is worth around Euro 4b. Just over two thirds of the new group will be owned by Granada. The head of Carlton, Charles Allen, will be the chief executive of the new company, while the founder of Carlton, Michael Green, will be the new Chairman. The merger between the two broadcasters became almost a necessity following the failure (as a result of falling advertising revenue) of the Pay TV comapny ‘ITV Digital, joint-venture’ created by the two companies.