UK broadcaster ITV seeks to raise 120 mln pounds

UK commercial broadcaster ITV seeks 120 million pounds through convertible bond issue

• On 3:58 am EDT, Tuesday October 13, 2009

LONDON (AP) -- British commercial broadcaster ITV PLC said Tuesday it is seeking to raise 120 million pounds ($190 million) through a convertible bond issue to bolster its finances and noted a stabilization in advertising demand.

"The actions that we are announcing today continue our work over recent months to strengthen the balance sheet, improve our debt maturity profile and proactively manage our pension deficit over the long term," said John Cresswell, the company's chief operating officer.

ITV said advertising revenue had continued to decline but at a slower rate in the second half of the year. It forecast that ad revenue would be down about 3 percent for the full year.

ITV is in a state of flux as the company searches for a new chairman and a new chief executive.

On Monday, Sir Crispin Davis and Sir Michael Bishop ruled themselves out as candidates for the chairman's job. Davis is the former head of publisher Reed Elsevier PLC, and Bishop formerly chaired the airline British Midland PLC.