LONDON (Brand Republic) - Shareholders in independent news provider ITN are at loggerheads over the decision to float the news provider on the stock market this year.
Reuters, one of five equal shareholders in the business, is said to be pushing for a summer listing. Carlton and Granada, however, believe this is too early.
ITN is currently waiting to hear whether its £50m-a-year contract with ITV, its largest source of revenue, will be renewed. The news provider is facing competition from a consortium led by Sky News.
If ITV does not renew its contract, ITN鈥檚 flotation would have to be postponed. ITN is said to be keen to secure extra funding and is even considering seeking funding from venture capitalists.
ITN spent heavily on its 24-hour news channel which launched last year and its pre-tax profits this year are expected to be just £3m against £10m last time.
ITN鈥檚 shareholders are Reuters, Carlton Communications, Granada Media, Daily Mail & General Trust and United Business Media.