ITV chiefs rejected the second offer from the consortium, which involves Apax Partners, Blackstone and Goldman Sachs, this morning, saying that the deal, which would have left ITV with a debt of £3.5bn, was "unduly risky".
Shares in ITV were down by 4.8% to 119p on the news, a fall of 6p.
In a statement, following this latest rebuff the consortium has said it "will not proceed further with its proposal."
Although the consortium has left the door open to a possible offer within the next six months, according to the City regulations, this latest move effectively brings a halt to a deal that would have installed former BBC director-general Dyke as chief executive.
Other plans the consortium had for the broadcaster included a merger with Five and re-entering the pay TV market, through services such as Top Up TV.
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