ITV PLC on Friday confirmed media reports that it is actively exploring the possible acquisition of production group All3Media Ltd from its joint owners Warner Bros Discovery Inc and Liberty Global PLC.

The London-based television broadcaster and content producer said there is no certainty whether any transaction will take place, nor as to the terms.

The possible deal could see Warner Brothers sell its stake to ITV for cash to help reduce its $49 billion debt pile.

According to Reuters sources, ITV is considering combining the business with its Studios unit, and Liberty Global could possibly retain a stake. As well as jointly-owning All3Media, Liberty Global has a roughly 9.9% stake in ITV.

The sources added that ITV could also buy out both parties’ entire stakes.

Reuters had previously reported All3Media, which produces Fleabag and Midsomer Murders, could fetch a price tag of over £1 billion.

ITV shares were down 0.4% at 69.75 pence each on Friday morning in London.

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