RTL given all-clear to bid for ITV

The decision was made possible after Bertelsmann sold its 50% stake in music venture Sony BMG to Sony in August for more than £600m.

ITV is said to be Zeiler's top priority, but a move is still thought to be some way off, as he will need to borrow to fund a bid for the ailing commercial broadcaster.

ITV, which last month lost its status as a blue-chip company in a FTSE 100 index reshuffle, is valued on the London Stock Exchange at £1.7bn. Its shares were down 4.7% this morning to 40.25p.

With credit markets still seized up by the financial turmoil engulfing western economies, a bid could prove difficult even if RTL were prepared to inject 60% of ITV's equity value.

Takeover speculation surrounding ITV was renewed again last week after BSkyB failed in its attempt to retain its controversial 17.9% stake. The Competition Appeal tribunal ruled that it must reduce its stake to less than 7.5%. The buyer of the Sky holding is expected to use it as a launch pad for a full takeover.

In the meantime, rumours have been circulating that RTL would be prepared to hand BSkyB Five in return for its ITV stake.

But, any possible of change of ownership may be delayed as BSkyB is considering another appeal.

Last week, ITV axed 1,000 jobs as part of a significant reduction to its regional news services and programming that should lead to savings of £50m a year.

The broadcaster took the unpopular decision to make the cuts after its shares collapsed amid a downturn in the advertising market.