The move comes as ITN faces the biggest challenge in its history to its hold on the contract to supply news to ITV, as a mostly American consortium, Channel 3 News, attempts to undercut it. The two bids were submitted last Tuesday.
ITN is currently owned by five shareholders, including the two largest ITV companies, Granada and Carlton Communications. They are known to have been lobbying the government for some time to allow a change in rules.
The other shareholders are United Business Media, the Daily Mail & General Trust and Reuters. United and DMGT are known to want out, leaving ITN with a new three-way ownership structure.
A flotation has also been talked about for many months. However, the flotation was largely seen as an exit strategy for Carlton and Granada which, unable to own the company, wanted out. If they are now allowed to own ITN, much in the same way the BBC owns its news service, that might spell the end of any flotation plans.
The government's recent communications white paper said the change would be considered. In the intervening three months, it is understood that persistent lobbying has paid off.
Channel 3 is backed by US TV network CBS, Bloomberg, Chrysalis, Ulster TV and BSkyB, but the real power behind the throne is believed to come from the two powerful American partners.
ITN has been supplying news to ITV since 1957. Earlier this year, it launched a 24-hour cable and satellite television news service to compete with the BBC's News 24.