ITV continues non-core sell off with Granada Learning next for chop

by Sam Matthews, Brand Republic 11-Jul-05, 11:00

LONDON - ITV is continuing to sell off its non-core assets with £80m education division Granada Learning up for grabs.

The network has appointed advisers to handle the deal, which will put the education arm that owns the Letts study guides up for sale, with a price tag of around £80m. The division netted ITV more than £10m in profit last year.

An ITV spokesman said: "ITV announced to the City last September that Granada Learning was not one of its core assets. ITV now believes that this is the right time to start the sale process."

Financial Times owner Pearson and online learning materials company Espresso are believed to be interested in the business.

ITV planned to sell off its non-core assets after Carlton Communications and Granada merged in 2004 to make the company more streamlined and better value for money for shareholders.

The sales process began in September when it disposed of Carlton Books for £3m and its 5.5% stake in Thomson to Citigroup and UBS for £162m.

In October, ITV sold its 18% stake in Australian media company Village Roadshow for £36m. Two months later, ITV sold the Moving Picture Company, which creates special effects for films such as 'Troy' and 'Harry Potter', to Technicolour for £52.7m.

ITV's 10% stake in Liverpool and 5% stake in Arsenal football clubs are also up for grabs. In total, ITV's non-core assets have been valued at £550m.

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