Apax's ITV bid report played down

PRIVATE equity firm Apax Partners is not mulling a bid for UK broadcaster ITV, people familiar with the situation said yesterday, contrary to a media report at the weekend.

ITV and Apax declined to comment.

ITV shares had gained more than 3 per cent yesterday, following the report by the Financial Mail on Sunday, to lead the FTSE 100, but the gains were pared, and were down about a penny lower at the close. Last week, satellite broadcaster BSkyB offered to give up some voting rights from its 17.9 per cent stake in ITV after the Competition Commission said the holding restricted competition. But lawyers were sceptical that the offer would do enough to appease the commission which said last month that BSkyB could be forced to sell some or all of its stake.