LONDON, March 31 ITV, Britain's largest
free-to-air broadcaster, said on Monday it had agreed a deal
with the trustees of its pension scheme to reduce its deficit by
50 million pounds ($83 million), backed by its London Television
As a result of the new deal, the scheme will receive 25
annual payments if it remains in deficit. Following a payment of
2.05 million pounds on Monday, the annual distributions will
increase at the rate of 5 percent per year.
The 50 million pounds reduction reflects the net present
value of the payments, with ITV receiving tax relief on this
amount in 2014.
Ownership of London Television Centre, home to many ITV
shows, remains with the ITV, the company said.
($1 = 0.6011 British Pounds)
(Reporting by Kate Holton, Editing by Paul Sandle)