The slashing by around a half of its £210m-a-year public service licences fees would certainly make it more attractive to potential suitors, with former BBC director-general Greg Dyke among those believed to be interested.
Last week, it was speculated in the media that Dyke could team up with US businessman Haim Saban to make an offer for ITV.
The decision by Ofcom could rewrite what is considered by the broadcaster as an outdated financial arrangement whereby ITV pays the government £210m for the licences, compared with Five's levy of £13m and Channel Four escaping any payment.
The Financial Times reports that senior figures at ITV are set to withdraw from the public service licences altogether if a favourable solution is not found, stoking a row with the media regulator.
The paper also reports that industry analysts Lehman Brothers estimate a cut in the fees by £120m could boost ITV earnings per share by 4%, however a cut of just £60m could reduce earnings per share by 10%.
Last month, 'South Bank Show' presenter Lord Melvyn Bragg made an impassioned plea as part of lobbying efforts by ITV surrounding the fee.
Speaking at the launch of his five part documentary, 'The People's Channel', the first episode of which appeared on ITV1 last night, he said the fees were unfair in a digital age, with increased competition from the likes of BSkyB.
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