Ownership
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From its inception in 1955, ITN was originally owned jointly by all the ITV operating companies, the shares split roughly in proportion to each company's advertising income. However the 1990 Broadcasting Act limited the ITV companies to a maximum joint 49% stake, with no single company allowed more than a 20% holding. These requirements were abolished by the Communications Act 2003.
As of 2012, ITN is owned by ITV plc (40%), Daily Mail and General Trust (20%), Thomson Reuters (20%) and UBM plc (20%). ITV plc's shareholding forms part of the wider ITV News Group, incorporating their regional operations in England and Wales, plus ITV Sport. The Director of the ITV News Group is Michael Jermey, a former editor and executive at ITN.
ITV's ownership of 40% of ITN (at that time equally split between Carlton and Granada) made the 2001 bid from Sky for ITV bulletins unlikely to succeed, the network having a vested interest to see ITN continue. The ITN contract for ITV News expires at the end of 2012. On 2 April 2007 ITN signed a deal which superseded the existing contract, worth at least £42m per year. ITV, which owns 40% of ITN, is investing more than £15m to upgrade ITN's newsroom as part of the deal.
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