ITV shares began to climb this morning after forecasts that advertising revenues may rise for the first time in almost 18 months added to hopes the broadcaster may at last have found a chairman to replace Michael Grade.

In its interim management statement, ITV said that advertising revenues were down just 3 per cent in October, which was better than expected.

The company, which controls more than 40 per cent of total UK TV advertising across its channels, forecast that this month ad revenues would fall just 1 per cent and that they would rise 4 per cent in December, leaving them flat across the fourth quarter. This would leave total revenues for 2009 down 12 per cent on last year.

Shares in ITV rose 7 per cent to 47.6p a share.

Read more