Channel 3 News, a consortium comprising BSkyB, Bloomberg, Chrysalis, CBS and Ulster TV, was believed to have originally offered to supply ITV with a news service for £32m.
At £30m, Channel 3 would be undercutting ITN by around £6m. ITN has already shaved around £15m off its bid price dropping it down to £36m.
ITV's main shareholders, Carlton Communications and Granada, are believed to want to pay less for news to offset some of their revenue loss due to the fall in advertising.
Carlton and Granada's forecasts have been cut drastically in the last year and they have suffered credit downgrades, which has seen both share prices plummet. Last week, Carlton found out that it is to be kicked out of the FTSE 100 when it reshuffles on Friday.
The outcome of the race for the ITV news contract is expected to be finalised by the end of September.
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