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Free Press Editorial - Asset Stripping ITV
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Carlton and Granada originally argued that a merger of the two companies would produce cost savings of £55m a year. Now the pressure is on from the shareholders to do better. In the jargon of business, they want 'merger synergies', but in clear English it means asset stripping, cutting jobs and reducing regional programming commitments.There is speculation that Charles Allen, Granada's chairman and chief executive only averted a similar fate to Michael Green, Carlton's chairman, who was prevented by shareholders from taking up the same position in the merged company, by agreeing to aggressive cost-saving targets.
We are seeing the first signs of how these will be achieved. Granada will sell its historic Manchester headquarters for up to £15m and move into smaller premises nearby. The fear is that the move to new offices and studio facilities will also be used as an exercise to reduce staff numbers.
Granada's Meridian subsidiary is also reeling from the scale of jobs cuts - 175 jobs, half the total headcount - as the company shifts its operations from Southhampton to a new facility near Fareham.
Other areas targeted for possible disposal include Carlton’s Nottingham studio. All of this will boost the figure for savings from the merger much higher to £75-80m, but at what cost to the range and quality of programming on ITV, and in particular regional programming commitments?
In our evidence to the Competition Commission, our work around the Communications Bill and in Free Press we warned about the inevitable consequences of a single ITV. Trade Secretary Patricia Hewitt argued, 'A stronger ITV will be better able to invest in and provide programming of high quality, including regional programmes. Broadcasting as a whole will benefit.' In fact we have seen the squandering of broadcasting assets, based on the regional franchises, which both reflected their regions and contributed distinctive programming to the ITV network.
'Don't trouble me with your history,' Gerry Robinson said on his first visit to Granada's Manchester headquarters, when he took over as chief executive in 1992. It is precisely that history which we should remember now, as the asset stripping gathers pace.
Last modified: Monday, December 8, 2003
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World Press Freedom Day
More reporters are currently imprisoned in Turkey than in any other country in the world. Only a matter of weeks ago lawyers failed to persuade a Turkish court to release a 76-year-old journalist from a Turkish internet news station.
World Press Freedom Day on Friday May 3, 2013 is being marked in Britain by a rally to highlight the dangers facing journalists in Turkey and in this podcast, Nicholas Jones speaks to Barry White, Organiser at the Campaign for Press and Broadcasting Freedom, and Sam Bamford, the TUC's policy officer for Eastern Europe and Africa about the importance of a campaign to highlight international press freedom.
The World Press Freedom Day rally is being staged by the National Union of Journalists at the NUJ head office, Gray’s Inn Road, London WC1 on Thursday May 2, 6pm-8pm.
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Previous stories
Government Policy
Labour & Television Policy
Spin In Retreat
Storms Ahead for the BBC
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COMING SOON
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