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What are the chances that Liberty Global, not only for strictly financial purposes but in connection with specific actions of other entities, transferred ("sold") its 5% of ITV shares to friendly financial institutions before its General Meeting of Shareholders on October 30th? The entire transaction was secured by a promise to participate in profits should a buyer for the aforementioned stake be found, or one that does not wish to be disclosed at this stage. Of course, all these considerations are merely theoretical and likely have no real value or relevance to reality, although history shows similar cases. A counter to this theory might be the different theory, that the sold stake is currently being distributed on the market and in bundles through smaller clients. Furthermore, from Liberty Global's perspective, the entire transaction could be a success, because not only were they able to exit the investment relatively unscathed after 10 years, given completely changed market parameters, but the upcoming third-quarter results and, in a few months' time, the annual results may prove that the sale price achieved was a success. All this is, of course, only theoretical.

Today, Wizzair shares, thanks to their market liquidity, offer the potential for significant speculative gains. This can be exploited, providing an opportunity to lower the average purchase price for long-term investors remaining in the market. Local lows or resistance levels are difficult to determine. They stem not so much from general optimism or pessimism, but from volume levels that allow for easy entry or exit. This was clearly evident, for example, in the recent rise in the share price to 1450, followed by a steady distribution and exit with a solid profit. Risk takers can only follow the herd.

In my history I made some speculative profit on this market, but sometimes risk isn't worth to buy another chance...

Even optimists on this forum have long been pointing out that management changes are necessary within Wizzair. This is a problem that has been damaging the share price of this company for years, as it failed to capitalize on the past air travel boom and relies on unrealistic assumptions for its future. The market always reconsiders such actions. If Wizzair makes the necessary changes, the optimists will be rewarded in the long run; if not, the defeat will be painful.

The Polish market has its own problems. Poland faces a significant challenge, the sharp increase in its budget deficit, approaching 70%. The need to cover military costs is also a challenge, as is the unresolved issue of Ukraine. And this is where I'm referring. A freeze in the conflict in Ukraine or a Putin victory entails certain costs, but it also intensifies internal conflicts, further polarization of society, and a growing fear of possible aggression from Russia. Maybe you don't see it, but I've been observing it for a long time. Furthermore, let's be realistic. To assume that the Polish aviation market, dominated by Ryanair, could solve Wizzair's problems on its own is simply naive.

Short positions opened or recommendations from one broker or another pose no problem for any company's share price. The key is to assess the sector as a whole, the global investment risk, and future costs, taking into account the level of investment and the ability to cover them. Currently, the situation of the entire sector, despite its relative stability, does not look good. The market values ​​those segments that have a strong revenue base and stable costs, or have undergone restructuring. Wizzair is not among them, and will not be for a long time, as any major market deviation could spell failure and financial trouble. Here, all changes come far too late and too limited. Large investors, unable to reach an agreement with the Management Board, see this from the long time. The entire market also sees this with a delay, and consequently, the valuation of Wizzair shares show such views. Shock therapy here means both a sharp revaluation and a change of Management Board. While this will initially lead to a loss in share value, in the long term it will rebuild shareholder confidence and, consequently, restore its value. The trigger for necessary changes could be a drop in the share price below £7, necessitating a capital injection and, with it, management changes. I still believe that in the current market, due to rising barriers, a capital injection will be forced by the market in one way or another. I believe that, by diluting the share capital, it will further reduce the share price, but more importantly, it will force a change in the management board. This is the only path - on the second side is a slow decline and bankruptcy takeover of Wizzair's assets.

I was quiet for a couple months. As I announced, I waited until the next financial results. Let me remind everyone of what I mentioned in August. Although, in the face of widespread optimism, Wizzair's valuation has generally been revised upwards - in this context, the speculators deserve applause - I have not changed my opinion. Getting back to what I said then: I believed, and still believe, that the financial results Wizzair will present will be poor, to say the least, further burdened by the costs of withdrawing from the Middle East, increased competition, and growing pressure on fixed costs. The majority of the responsibility for this situation lies with the Management Board and its unilateral financial policy, not without political overtones. From my perspective, the decline in Wizzair's share price to the 7-8 pound range per share is still a baseline forecast. My predictions regarding the possibility of all airlines achieving full capacity have been fully confirmed, and the Chinese factor will continue to have an underestimated impact on this market for a long time. Any positive solution for Wizzair would also have to mean a positive resolution of the armed conflict in Ukraine - for Ukraine and Europe, but not for Putin. Any Putin's victory or this conflict frozen means that the acquired free funds or processing capacity of the aviation sector will be permanently and permanently reallocated towards the military sector. Furthermore, political uncertainty surrounding Europe and escalating armed conflicts in other regions of the world are not conducive to increasing consumer spending or the development of the entire passenger transport sector. Potential mergers or acquisitions will have to take this situation into account, along with a specific adjustment to the share valuations of individual carriers. Now I'll wait for the hate regarding my statement.

From ITV's perspective, it's also foolish not to take into account the overall macroeconomic situation in the British market. Stabilization and declining inflation, likely resulting in a reduction in interest rates as early as November, improved consumer sentiment and increased spending, and the end of the year—theoretically the best season for both retail and advertisers—all point in ITV's favor. Speculative capital, however, will always bet on declines, because in such a situation, the lower the valuation, the easier, faster, and safer it is to achieve profits. From a long-term investment perspective, nothing has really changed beyond the paper valuation. From a long-term investment perspective, the current ITV share valuation is, to say the least, very attractive. I, for one, will gladly reinvest the dividend received at the lowest possible price on November 25th. As for the mentally unfulfilled trolls—nothing will ever satisfy them. They always record above-average profits on every transaction, and when they suffer "temporary" losses, they always blame others. Well, many of them don't actually have any capital or open investments in ITV, and they're just trying to boost their decaying egos with comments on this forum.

As I said, I believe that when it comes to the first block of ITV shares purchased in 2014, there's a good chance that, thanks to dividends and Liberty Global's financial engineering, after settling the transaction, it achieved a profit even close to core inflation (i.e., around 40%) for that period. In the case of shares purchased after 2014, we lose up to 20 pence per share in dividend payments (approximate values). This is a significant amount over nine years. Regardless, a pure financial calculation makes no sense here. When investing its funds in ITV, Liberty Global assumed a much higher than average market return on capital, counting on acquiring part of ITV or simply selling the shares to a new investor. However, the entire calculation was based on different market conditions. After 2016, the revenue and value of the advertising and media market taken over by YouTube and other streaming services skyrocketed, changing the face of the entire market and, consequently value of competitors' shares in this market (and the valuation of the ITV stake held by investors). And here, it's safe to say, Liberty Global learned its lesson, likely defending its investment at least nominally. However, in my opinion, given ITV's successful resistance to the division and acquisition of its assets at a bargain price, the completed restructuring of ITV's assets over several years, and the changes in Liberty Global's overall strategy and development direction, the decision is merely a result of this. The only surprise is the manner and speed of its execution. Although knowing who is carrying it out, perhaps despite my disbelief in conspiracy theories, I think that far more interesting matters took place in the shadow of this transaction, somewhat "under the table." This applies to both financial and personal matters within Liberty Global and its affiliated partners. One thing is certain. This doesn't affect ITV's current operations. In the long term, however, it should allow for a reshuffle of the company's core shareholders and possible ownership changes, or a spin-off of its assets (without selling them). This will both increase the share price and satisfy current shareholders, attract new ones, and prevent a permanent decline in the market valuation (already 30-70% lower than the residual valuation) and, consequently, a hostile takeover. For now, it's worth waiting for the third-quarter financial results. Of course these are able, cause the price to fall below the recent low, but also, along with forecasts for the coming periods, significantly change and increase the valuation of ITV shares on the LSE.

I keep repeating this. We don't really know the background to this transaction, nor who's actually behind it. History shows that when it comes to the behavior of the ITV Board and Dame when the share price drops to such levels, strangely enough, there have always been rumors or unofficial leaks like "potential buyer," "extra profits," or "split the company." Furthermore, let's not forget about the actual action intended to halt the share price decline, which was the announced and carried out buyback. So if what happened wasn't at least consulted with ITV, and since such a low share valuation poses undoubtedly a real threat to the company, I think it will encounter some kind of reaction soon. I don't believe too, that Liberty Global is just cleaning up its books this way before the next general meeting on the 30th. As for the guaranteed 60-day hold on selling the remaining shares, well, you can take short positions during that time (a bit out of spite, because as sellers, we should be aiming for the highest possible valuation) and... we have a few other similar solutions. However, I still believe that Dame and the Management Board "don't get down without a fight", which means that long-term shareholders, despite their high blood pressure and extra adrenaline, should rest easy, considering their knowledge and experience as sufficient reassurance.

Sorry, my mistake

..and the drop in ITV's share price must also be related to specific actions that should soon follow and concern both companies...

and may concern both companies..

(...)

, and most say thar ITV shares are so cheap yet, both because of the dividend and the liquidation value of ITV, which is at least £4 billion.

Robs60

You are absolutely right. Taking into account only the dividend income, Liberty probably came to zero. If we add the likely profits earned over the years the ITV shares were made available for stock options, we're most likely talking about income from the entire & settled - at least in terms of rolling inflation for that period. I also fully agree that Malone knows exactly what he's doing and that he certainly won't lose financially. In reality, we know practically nothing about the underlying reasons for this transaction, who acquired the stake, and under what additional terms. Moreover, if the suggestions that he additionally secured a profit in the event of a share price increase are true, well, nothing in this world happens without reason or sentiment – ​​money counts. One thing is certain. While the performance of the ITV share price two to three weeks before the transaction announcement might have historically raised eyebrows or concerns (a slow, unjustified decline in the share price amid a genuinely growing market and rising prices for industry competitors), and I at least wondered what was brewing (though, true to my principles, I simply did my own thing), the preparations were conducted discreetly. I can't believe something suddenly happened overnight. Liberty Global waited until the ex-divi day and the drop in ITV's share price must also be related to specific actions that should soon follow and concern both companies. As I've already said, the sale of such a stake (at least technically, as we don't know Liberty's hedges on ITV shares against both future price declines and potential future price increases) and the indirect declaration of willingness to sell the remaining shares suggest a change in Liberty Global's approach to ITV and pave the way for an ITV takeover. For years, Liberty Global was the biggest drag on this transaction, betting on acquiring ITV's most attractive assets. It's certainly a question of what they actually receive in exchange for the stake sold (beyond the £135 million), but when it comes to ITV, they're opening the way for a takeover or division of the company. Realistically, if this suggests hostile actions towards ITV, then this should be even more so with the actions of the ITV Management Board. Whether we'll finally see a more aggressive information and marketing policy, or whether news of the division and the listing of subsidiaries on the LSE will resurface in the public domain, is difficult to predict. However, the ITV share price has reached a level that forces the company to act once again. This is all assuming that the ITV Management Board was not informed, and now they don't know exactly what's happening, and that Liberty Global's actions were not only known to them but are also consistent with the overall strategy of increasing the company's value and share valuation. Time will tell, though the response from independent commentators is telling. No one really knows what happened, a

You see, Redcain. What definitely distinguishes us from trolls is that we respect and appreciate our own poverty far more than their wealth too.... It hurts and terrifies them so much. Best regards. Have a nice weekend.

As I've already written, I think a new player has emerged behind Liberty Global's back, and selling a 5% stake doesn't mean they've lost control over a potential takeover of ITV by other players. It's more of an admission of failure to independently acquire ITV's assets, but that doesn't mean they're so weak that they wouldn't be willing to profit from a potential transaction. Furthermore, let's remember that market valuations often ignore specific financial relationships, liabilities, and personal favors used to build their own businesses. Therefore, it's worth considering who at Liberty Global influences specific investment decisions and how, taking into account the prevailing shareholder sentiment. It is stupid to assume that the largest players in the streaming or advertising market simply give up on ITV and often do not see how much money they are "pumping" on ITV. And even judging by the comments on this forum, it's clear I'm not the only one who thinks this way, or that many find the attitude firm jak NETFLIX at least odd. So, once again, I recommend that long-term ITV shareholders simply be patient and avoid hasty decisions. Today's price levels are nothing new to us, although for many of us, they also mean another 10-20 pence per share in dividends in the meantime.

I recommend that you consider what BigEgo posted: https://www.libertyglobal.com/wp-content/uploads/2022/10/US-Annual-Report-2015.pdf

Of course, I'm not necessarily right in what I say. The same could apply to a group of people, some of whom I've known for years, valued their knowledge and observed their investments. Perhaps the several million ITV shares we collectively represent are a manifestation of our collective investment folly. As usual, the capital market itself will judge this in due course. However, my overall view of Liberty Global is positive. Thanks to their passive approach, I was able to accumulate approximately 25-30% more share capital based on dividends. I also know the market outlook and I believe that the large institutional investors representing another 30-35% of the ITV share capital, wouldn't allow themselves to be harmed and that they know precisely the real value of ITV's assets. Therefore, I can only remain patient, wait for the dividend payment, and calmly observe events. As always, I believe that giving in to emotions in most cases leads to financial losses, and I leave relying on luck to fools or would-to-be to become millionaires. Trolls will always died as a trolls.

(... )

One thing is certain: things will get even more interesting.And anyone who says ITV can be acquired at a valuation of 50 or 70 pence is either simply a fool or their opinion is based on their work. The stakes are control of ITV and the £1-1.50 more or less per ITV share that would have to be paid for it.

There's no point in arguing with trolls who have been slandering ITV for years while also occupying this forum. Liberty Global has made its move. I have a several theories on the matter. The fundamental conclusion, which is indisputable to me, is that over 10 years of efforts to lower the market valuation of ITV shares while maintaining neutrality in its business operations—so that it would remain an attractive investment subject to market play—a policy that was ultimately intended to result in the acquisition of control of ITV for next to nothing, without the need to acquire more than 50% of its share capital—this policy has fallen apart. What has happened today reflects Liberty Global's growing capital needs and the impatience of its shareholders, not only regarding ITV but also the general dispersion and impatience about all investments in directions unrelated to its current preferred direction of development. If we look at the price of the stake already sold, then from the perspective of its nominal value, Liberty Global sold it close to its purchase price. Earlier, I presented a calculation that took into account dividends paid on the stake purchased in 2015. Realistically, without taking inflation into account, they broke even for that period, and likely by making these shares available for short transactions, they recorded some profits. Do I think this latest sale marks the end of the shared history of Liberty Global and ITV? Definitely not. Judging by what happened in the transactions after yesterday's market settlement, I believe Liberty Global is attempting—and in this case, probably not through its own efforts—to take control of the current situation. And it's not without reason that this is happening today, both before Liberty's annual general meeting of shareholders and the presentation of ITV's third-quarter results and forecasts for the rest of this year and for the next one. And above all, the forecasts are based on a higher degree of probability, covering, in ITV's case, the entire current and next financial year are much more important. Let's remember that external forecasts for the UK show a significant improvement in company profits in 2026 and a surge in 2027. Advertising, representing half of ITV's business, should, in this case, exceed market averages several times over, implying a multiple increase in profits from this revenue group. Any confirmation of this trend should trigger a sharp shift towards the shares of companies representing this sector, especially at a time when most of them are significantly undervalued. This is where the main problem lies, why possible everything happened, as because they could significantly increase the market valuation of ITV shares and complicate the hostile takeover, that Liberty Global has clearly been striving for for years. What happened may mean that a buyer has emerged in the background, eager to seize the moment and capitalize on its opportunity. One thing is certain: t

Russ1983

YouTube ITV @ 39min 20s

www.youtube.com/watch?v=ooxRwqIxy5Q

ITV - holdings as of October 22, 2025: 536,500 shares. ITV - holdings as of October 23, 2025: 536,500 shares. So, from a long-term investor's perspective, what have I really lost? I realize this line of reasoning is difficult for some. However, from my perspective, the only real and certain outcome will be a dividend payment of over £9,000 on 25th November. What will the ITV share price be then? I hope it will be beneficial for further reinvestment, at least in an ISA.

And generally, as I always say, those who have nothing will never lose anything. So, unlike the trolls here, I'm happy to have that opportunity

The sold ITV shareholding on the level about 69.8p represents a loss of approximately £160 million (after dividends), or one-third of the amount paid by Liberty Global for this shares 10 years ago. Now it's time to identify a buyer for another 200 million shares and wait for Liberty Global to fully exit this investment. From my perspective, the current price isn't looking good, but my average purchase price, including dividends, is currently around 66.8 pence. So, looking at the valuation, it's painful; but again from a long-term investment perspective, it adds nothing to the discussion (apart from a potential accounting loss at the end of the tax year and, consequently, a full refund of income tax paid this year). Patience is always a key of the success.