Elstein, the former head of Five, was rumoured to be putting together a bid for ITV with Sparrowhawk, the company he now chairs, which bought the Hallmark Channel business last year for £167m.
Elstein brought an end to speculative reports that he was ready to bid, saying that a deal would be hard to achieve given that an estimated offer price of 160p would leave the finance house little room for manoeuvre.
Last week, bid speculation pushed the ITV share price up by 5% to around 133p. However, after bid talk ended, its shares have fallen by almost 8% to 123.5p, dropping another 1.79% or 2.25p today and down 3p yesterday.
However, there is still speculation that Greg Dyke, the former director-general of the BBC, could launch a hostile takeover bid for ITV, backed by private equity group Apax Partners.
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