According to reports, Granada, which wants to take over Carlton, is keen to set up a "shadow board" to look at issues that could thwart the deal, such as the appointment of the merged company's top management and their pay packages.
Reports suggest that the £2.6bn deal is almost certain to be referred to the Competition Commission, which could mean a lengthy inquiry, following the Office of Fair Trading reaching its conclusions and passing its report on to the competition body.
Among the topics that could cause trouble for the companies are concerns that executives at the companies will receive windfall benefits following a merger. There has been speculation that the chairmen of Carlton and Granada, Michael Green and Charles Allen respectively, will look to sell a merged ITV once it has been successfully combined.
A combined ITV, with an advertising share of more than 50%, would be an attractive takeover target for an international media company. By the time the ITV merger has been cleared by the competition authority, the government's communications bill will likely allow companies outside the EU to buy UK TV companies. This would open the door to US giants such as Viacom, which owns CBS.
However, most analysts believe that the deal will be given the go ahead as the government seeks to allow the creation of a stronger UK commercial television operator that is better able to compete internationally.
The relationship between Green and Allen, who are set to become chairman and chief executive of the merged company respectively, has also been questioned as they are reported to have crossed each other in the past.
It is not known who would sit on the "shadow board", but both company's boards include experienced City figures who are likely to be involved in any negotiations between the two companies. They include Sir George Russell, Granada's deputy chairman and a former ITN chairman, and Carlton's Sir Brian Pitman, a former chairman at Lloyds Bank.
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