[F4C]

I should say that I don’t actually think ITV will buy VMTV - they had their chance on multiple past occasions and didn’t take it. The supply deal gives them a guaranteed income and none of the risk (they don’t have to worry about the ups and downs of the advertising market). Just that in terms of a buyer, there might be certain synergies that they would be best placed to take advantage of. The two are already literally joined at the hip, more so than VMTV and the VM cable operation, where I never quite got the synergies. At any rate, the continuing existence of VMTV is one of the major reasons why Liberty are finding it difficult to offload VM Ireland as a whole. The analysts just don’t think there’s any sense in convergence any more, which is why a major mobile phone operator buying into a free to air terrestrial business would be seen as an odd strategic move at this point.

I mean, there will be someone out there who will see some value in owning Ireland’s second biggest terrestrial broadcaster. But I would say it’s more likely the VMTV division would be sold separately, possibly in advance of a full sale of VMI.