Close your eyes and you might almost think ITV's interim results incorporated an early draft of a defence document should Liberty Global, the cable group that is now a 6.4% shareholder, put a takeover bid on the table. The centrepiece of the ITV show was a shiny new dividend policy: investors can expect ordinary distributions to rise by an eye-catching 20% a year for the next three years.
Actually, the idea that ITV was playing clever Liberty-inspired games is clearly nonsense. The broadcaster emerged from its crisis at least two years ago – it even paid a chunky special dividend last year – so shareholders deserved to know what a "normal" dividend policy would look like. A commitment to 20% a year sends the right message about "capital discipline" given that its chief executive, Adam Crozier, has developed a strong appetite for buying production houses.
ITV's interim figures – revenues up 7% and adjusted pre-tax profits 16% better at £312m – were less flashy than the dividend, despite the World Cup boost. Overall share of viewing in the UK fell 5%, but there is a reasonable argument that the in-house production division has a stronger release schedule for drama in the second half.
Either way Crozier shouldn't waste a minute wondering about Liberty's intentions. Gut instinct says Liberty boss John Malone is up to something – paying £481m for Sky's stake in ITV looks like more than a casual flutter, even by his standards – but ITV should just get on with the job.
