You are here:

ITV fined close to £6m for phone competition scandal

Created:
8 May 2008
Written by:
Claer Barrett

ITV has been fined a record £5.675m for 'grave' breaches of the UK's broadcasting code in connection with premium rate phone in competitions on TV shows, including Ant and Dec's Saturday Night Takeaway. Regulator Ofcom said that the scale of the punishment 'reflects not only the seriousness of ITV's failures, but also their repeated nature'.

Advertising

Ofcom indicated that the fine would have been even higher had the broadcaster not already agreed to pay £7.8m in refunds to viewers who paid to enter competitions unaware that the winners had already been chosen. ITV accepted the scale of the fine, and executive chairman Michael Grade offered an 'unreserved apology'.

SHARE TIP UPDATE

Sell

ITV's shares fell by a little under 1 per cent to 67p in Thursday's afternoon trading, a fraction over our sell tip last month (Sell, 63p, 10 April 2008). Despite the record size of this fine, the tough advertising market is more of an impediment to future profits, and we reiterate our sell advice.

Market data

Comprehensive UK stock market data - who's up, who's down, stocks hitting new highs, best yielders and much more!

Click here for data!

Promotional Feature

Getting into first gear

Buying a car is one of the biggest expenses you're likely to face, after purchasing your home, so choosing the vehicle that's right for you is an important decision.

by Halifax

Promotional Feature

Home comforts

You've just bought a home, and whether it's your first or the latest of many, it's a huge purchase that can leave you strapped for cash.

by Halifax