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ITV Abandons £1bn Offer For Peppa Pig Owner

(c) Sky News 2016

ITV (Frankfurt: A0BLQP - news) has abandoned its £1bn attempt to take over Peppa Pig owner Entertainment One (Other OTC: ENTMF - news) .

The broadcaster said the two companies differed on price.

Shares (Berlin: DI6.BE - news) in Entertainment One, a UK-listed Canadian company, fell 13%. ITV was up 2%.

Entertainment One revealed two weeks ago that it had rejected a £1bn offer from ITV.

It said the proposal "fundamentally undervalues the company and its prospects".

ITV said at the time that it reserved the right to withdraw, vary, or amend the offer.

But it has now abandoned the attempt, saying that while it still believed in the strategic logic and potential benefits of a deal, it also had a "clear view of the value of the business".

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"It appears this value is different to the level at which the board of eOne would currently engage in a formal process," ITV said.

Entertainment One owns the rights to TV shows including global children's hit Peppa Pig.

It also has more than 40,000 film and television titles including Oscar-winning hit Spotlight.

The company's Amblin Partners venture with Stephen Spielberg is behind this summer's film, The BFG.

ITV is trying to broaden its business, buying up companies making TV content as it seeks to offset pressure on its traditional advertising revenue income.