[nwtv2003]

For ITV to buy STV, one of two things would need to happen. The first would be that STV has something valuable that ITV doesn’t have, which it would want. A good example from previous takeovers was when Channel TV was bought in 2011, more for its compliance business rather than the actual franchise. The other would be for STV to really mess up and it becomes devalued. The obvious example here is UTV as a whole suffering heavy losses back in 2015 due to UTV Ireland.

Until either of those happen, I think we’ll pretty much see the status quo for many years to come.