SMG owns ITV franchises Scottish Television and Grampian and 20% of GMTV, ITV's breakfast franchise.
However, the £480m price tag is bigger than the value of SMG's £85m market value.
Analysts' views on whether the company will achieve the asking price are mixed, with Merrill Lynch giving the assets an estimated value of £395m. However, Schroder Salomon Smith Barney believes it could be worth as much as £460m.
It is thought that the division, called SMG Broadcasting, with sales of £149.4m, could be a very attractive proposition to bidders such as ITV companies Carlton Communications and Granada, and German media group Bertelsmann.
All of these companies will be allowed to bid for the assets if the proposed government communications bill, which relaxes media ownership rules, goes through as laid out in the draft communications bill published in May.
Reports in the weekend press already suggest that Bertelsmann is preparing a war chest with which to bid for ITV after it fuelled speculation by trying to lower the amount it is to pay for the remaining 75% of Zomba, the record label that is home to pop star Britney Spears.
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