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The purchase is dependent on regulatory approval from competition authorities and the consent of GMTV’s other major shareholder, The Walt Disney Company.

Chief executive at ITV, Charles Allen, said: “This is another step in delivering our strategy to develop further the single ITV business.

“We have reached agreement with SMG on a number of points confirming the operation of the ITV Network, the digital transmission in Scotland of ITV channels including ITV2 and ITV News Channel and the sale of all SMG’s national television airtime through our single ITV sales house.

“ITV plc’s acquisition of an increased stake in GMTV at a reasonable price will simplify the ownership structure and enable more agile decision making which will benefit both ITV and GMTV as we work even more closely together.”

SMG originally acquired a 20% share in the company in 1991, increasing to 25% four years ago.

The company made the decision to offload its interest in GMTV after deciding the ongoing investment was not “strategic” and disposal would best serve its shareholders.

Chief executive at SMG, Andrew Flanagan, said: “The ITV merger created a 50% shareholder in GMTV and we don’t want to have a minority interest in someone else’s media business.

“It is clearly in our shareholders’ interests to sell the stake at an attractive price.

“Our focus is on driving and capitalising on the operational performance of our wholly-owned media assets as the advertising markets continue to improve.”