ITV Digital Remnants: Only the Accountants Get Rich

21 October 2002

Deloitte & Touche, the administrator of failed broadcaster ITV Digital, formally handed over the remaining assets on Friday to liquidator Grant Thornton.

ITVd’s long list of creditors – among them BSkyB and the Football League – will be lucky to see more than a few pence in the pound after Deloitte announced it has raised only a meagre £27.3 million ($42.25m; €43.43m). The company’s total debt exceeds £1.25bn.

ITVd’s two biggest creditors, sole shareholders Carlton Communications and Granada Media, will also be whistling for more than fraction of the £402m they are owed.

Among the other industry creditors are US transmission specialist Crown Castle Communications (owed around £166m) plus MTV, Flextech and a number of other channels owed between them £230m. BSkyB, which is thought to be owed £210m, has already written-off £22m against the total outstanding.

Grant Thornton, like Deloitte, a member of the charmed circle of money-printing insolvency practitioners, will be selling off ITVd’s remaining assets for what they can get. Their respective fees for presiding over the interment have not been revealed.

Data sourced from: BrandRepublic (UK); additional content by WARC staff