Media duo face insider deals probe

12 April 2012

THE City's watchdog is investigating possible insider dealing in Granada and Carlton shares, shortly before the duo revealed they had held merger talks.

The Financial Services Authority has written to both firms and their advisers to try to establish if there was a leak. Three people are in the frame. The FSA is also asking for information from stockbrokers who handled the share purchases.

It is thought the shares were bought in February, days before rumours of merger talks started circulating. Shares in both companies surged. This contributed to Carlton's and Granada's decision to abort talks without agreeing a deal.

Carlton chairman Michael Green was visibly enjoying himself in the High Court after the Football League declined to call him to give evidence. The judge appeared none too convinced by the League's claim that Granada and Carlton are liable for ITV Digital's football debts.

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