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22 September 2009
ITV plc statement regarding STV legal action
ITV plc regrets to announce that it is today issuing legal proceedings against STV to recover a gross debt of £38 million. This debt has accumulated as a result of STV not honouring its contractual contributions towards the Network Programme Budget.
STV is attempting retrospectively to opt out of an increasing number of peaktime programmes which contravenes existing agreements. The company is also wrongly attempting to claim a rebate against programmes which have been "written off". We are currently withholding monies from STV against this debt and currently believe the net debt is approximately £15 million to £20 million.
We have been attempting to resolve this matter for more than a year but unfortunately our efforts have been unsuccessful. Given that we are a commercial organisation, with responsibilities to our shareholders, we are left with no option but to take legal action to recover this sizeable debt.
-ends-
For further information:
Media Enquiries:
Mike Large - 020 7156 7359
Ruth Settle - 020 7156 7233
James MacLeod - 020 7156 7236
Investor Enquiries:
Christy Swords - 0207 157 6572
Pippa Foulds - 0207 157 6555
This information is provided by RNS
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