Report: Dyke involved in possible ITV bid

Former director-general of the BBC Greg Dyke is involved in plans to launch a takeover bid for ITV, The Observer reported on Sunday.

Both Dyke and Stephen Grabiner, a former managing director at The Telegraph, advise Apax Partners, a venture capital group. The paper, citing unnamed "city sources," claimed that informal talks are underway between Apax and American equity group KKR, which recently appointed Lord Clive Hollick as a managing director.

Hollick sent ITV's share price upward last week after telling one newspaper that buying the network "would have a nice ring to it - to sell at the top and buy lower down," adding that he "wouldn't rule anything out."

The Observer claims that a consortium bid between Apax and KKR could be worth as much as £6bn.