According to the Mail on Sunday, Granada is reviewing whether or not to write off a large sum against the value of its Meridian and Anglia ITV franchises, purchased for £1.75bn from United News & Media in 2000.
The paper says that Granada has admitted that operating profits for 2001 would have been £57m lower if goodwill had been depreciated to give a true view of its accounts. However, there is no suggest that it has broken rules in not doing so.
The news hit Granada's share price, which was down 0.58% this morning to 89.5p.
In separate news, reports that Granada chief executive Steve Morrison is set to leave the company continue to circulate. Reports suggest that he will leave within the next three weeks, with chairman Charles Allen tipped to take over most of his responsibilities.
Morrison had previously been reported to be retiring early, but had been expected to remain in his position until some time next year, possibly following the ITV merger of Granada with Carlton Communications.
If Allen does take on more responsibility, it will be a victory for the executive who was at one time tipped to lose his position in the wake of the ITV Digital fiasco.
According to reports, Granada will appoint a deputy chairman to deflect criticism that Allen has too much power at the company.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .
_1.jpg)
.jpg)
