Shares in media giant ITV (ITV) took a tumble this week after it emerged that chief executive Adam Crozier had sold 500,000 shares at 200p each, in a deal worth £1m. The transaction leaves him in control of 1.9m shares, or 0.047 per cent of the company.
The share sale comes amid a mixed outlook for the broadcaster. At the time of interim results in July, ITV's directors predicted third-quarter advertising demand would suffer against tough comparatives thanks to last year’s Rugby World Cup, as well as the possible loss of an audience to the recent summer Olympics coverage on the BBC. Core net advertising sales are expected to fall further over the nine months to 30 September 2016 and, because of this, management has promised to try and claw back £25m in cost savings come 2017.