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UPDATE 1-STV agrees 18 million stg legal settlement with ITV

Wed, 27th Apr 2011 08:48

LONDON, April 27 (Reuters) - ITV, Britain's biggest free-to-air broadcaste
r, said on Wednesday it had settled its long-running legal dispute with STV and would receive 18 million pounds ($29.6 million) from its Scottish network partner.

Relations between the two commercial broadcasters soured in 2009 after STV opted out of some ITV programmes to show homemade shows instead.

ITV said then it had started legal proceedings against STV to recover what it said was a 38 million pound shortfall in network programme contributions. STV said at the time the claim was completely without merit and launched its own legal claim.

On Wednesday the two sides said they had agreed to settle the dispute.

The 18 million pounds consists of a 7.2 million pound cash payment payable this year and 10.8 million pounds either in programme rights at the end of the year or cash, as adjusted, depending on further discussions with ITV.

STV said it expected to book an exceptional charge as a result of the settlement of approximately 9 million pounds in the 2011 first half results, in addition to the current provisions.

STV said it believed it was in the best interests of shareholders to end the long period of uncertainty.

'I am pleased that we have reached a wide ranging settlement with ITV and that our two organisations can work collaboratively in future for the benefit of the Channel 3 Network,' STV Chief Executive Rob Woodward said.

(Reporting by Kate Holton; Editing by Paul Sandle) ($1=.6074 Pound) Keywords: ITV STV/

(; +44 207 542 8560; Reuters

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