ITV News Update: ITV Comeback Drama
ITV News Update: ITV comeback drama. It is reported that since the arrival of new chief executive officer Adam Crozier in April 2010, shares have risen.
When the new ITV CEO Adam Crozier took up the position back in 2010 ITV’s share price was languishing at 62p. There had even been talk of a rights issue to try and address the amount of net debt being carried that at one time was more than seven hundred million. The mood amongst those employed by ITV was so low at their South Bank headquarters and in the offices spread over other areas of the UK, that according the new CEO almost eighty per cent had considered leaving the company. Things were obviously about as bad as they could be and a change of direction was desperately needed.
It was obvious that the popular broadcaster had hit a major bump in the road and some of ITV’s shareholders were pushing for the company to sell off ITV studios, the production arm of the business in a desperate attempt to raise some cash to give the business a much needed shot in the arm and improve its fortunes.
Adam Crozier, who had previously headed the Royal Mail, was at first considered a dubious choice to take on the challenges faced by the broadcaster. Tony Ball, the former chief executive of BSkyB, has been canvassed for the top job at ITV in 2009 but although he had experience in broadcasting there were so many strings attached to his potential appointment that the negotiations had to be called off and ITV had to start the search to find a new chief, from scratch.
ITV News Update
ITV’s share price had risen recently to 167p, which represents an increase of one hundred and sixty six per cent since the arrival of the Adam Crozier. The debt being carried has shrunk to such an extent that far from selling off parts of the business ITV shareholders are now considering whether in fact ITV should be taking on a bit more to lead to further expansion in the marketplace. A recently conducted survey of staff showed that ninety five per cent of the staff working at ITV now said that they enjoyed working at the television station. Long-term investors now occupy a larger proportion of the share register in a move that has seen some short sellers now being squeezed out.
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