Activist eyes change at Scottish TV channel
Scottish television channel STV has become the target of activist investor Crystal Amber.
The investor, which recently made headlines by pushing for a sale of Pinewood film studios, has built up an 11 per cent stake in the TV producer.
It’s understood Crystal Amber is aiming to buy up to a fifth of STV after rising frustrations at the channels falling share price.
A dismal outlook for advertising revenues means STV – along with many of its peers – has been sold off this year, with fears growing since the UK’s vote to quit the European Union.
STV has lost some 22 per cent in value, while ITV has slumped by almost half. STV, best known for its production of crime dramas Taggart and Rebus and game show Catchphrase reported pre-tax profits climbed by some 50 per cent in the first half of the year to £10.2m.
Crystal Amber last assault, on the home of the Bond movies Pinewood, ended after the studio was sold to property fund Aermont Capital in July. The £323m deal completed earlier this month.