Last week, it was reported that outgoing United Business Media chief executive Lord Hollick could be involved in a bid after it was announced he was taking a managing director role at US private equity firm Kohlberg Kravis Roberts to target UK media businesses.
It is now understood that working with Lord Hollick are Dyke and former Telegraph Group managing director Stephen Grabiner.
The speculation about ITV's future, which has been an issue even before the merger of Carlton and Granada was completed last year, sent its share price racing. Shares were up by 6% at the end of last week.
It is reported that the three could join forces, bringing together a consortium linking Kohlberg Kravis Roberts and Apax Partners, where Grabiner and Dyke are advisers.
According to a report in The Observer, quoting City sources, discussions are at an early stage but more talks between Kohlberg Kravis Roberts and Apax are planned.
Labour peer Lord Hollick has had a long association with ITV before pulling out after a failed merger bid in 2000. He sold United Business Media's ITV assets to Granada for £1.75bn after its planned merger with Granada was blocked.
Last week, Lord Hollick said that buying back ITV would have a nice ring to it. "I wouldn't rule anything out. We are looking for really good businesses where management could make a difference," he said.
ITV was reported to be plotting deals of its own last week as it was linked to a bid for the UKTV portfolio of digital television channels in a move designed to shore up its stake in the digital TV future.
Although ITV has yet to make a formal bid, it is understood the move is under serious consideration. It would strengthen ITV's presence on the digital platforms whose growth has contributed to ITV1's decline.
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