The renewed approach is believed to involve fellow private investment firm Permira, and could happen within a matter of months.
The broadcaster's share price dipped to just over 102p when the market closed this Friday. However, this morning, shares at the broadcaster rallied to 105.25p, but are still a long way off the 130p they had been trading at in March when Greg Dyke, who representing interests from investment bank Goldman Sachs, Apax and Blackstone, made his failed bid for ITV.
That deal was rejected by ITV as undervaluing the network. ITV said the deal would have left the broadcaster with a debt of 拢3.5bn and was "unduly risky". The Dyke consortium had offered around 拢1.3bn in return for a 48% stake in ITV.
The slump in share price is believed to be linked to reports that ITV's revenue is due to dip to under 拢100m a month during the months of July and August, the first time this has happened in more than a decade.
ITV has lost more than a third of its quoted stock market value since it joined the London Stock Exchange in 2004, and has recently suffered a series a dip in predicted adspend across the crucial World Cup months of June and July, with key advertisers withholding budgets from the main channel ITV1, which accounts for approximately 90% of the revenue brought in by the network.
Hollick heads up KKR's European arm, and reports that he is considering making a private bid for the broadcaster, valuing the network at 拢5.8bn, or 140p a share, first emerged last month.
Hollick was also a part owner of terrestrial channel Five due to his United Business Media interests. He left UBM in May 2005.
ITV's trading update is due on Wednesday.
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