ITV is fending off rumors that its production arm worth an estimated $2.55 billion could become the subject of a bid from a U.S.-based private equity combo.
There is speculation that dissatisfied stockholders may be keen to see a demerger because they think it would boost ITV's value as its core channel continues to under-perform.
One name mentioned as a potential bidder is New York-based private equity group Veronis Suhler Stevenson, but others may also be circling.
"They are all looking at the idea," said a media analyst. "ITV1 has had a terrible first quarter and shareholders are getting a little agitated."
But ITV, whose assets include an enviable library and contracts to produce some of Blighty's most successful shows including flagship soap, "Coronation Street", rules out divesting itself of its program-making arm.
"The fact that ITV owns many of its rights and has the ability to sell programming and formats around the world gives us a real commercial advantage," said a spokesperson.
"And as the number of platforms and distribution channels increase, on mobile, broadband and online, ITV is in a stronger position than ever."
A report in one British Sunday newspaper, the Observer, suggested that the idea is supported by Brandes, the American value investor that speaks for seven per cent of ITV's equity.
Other shareholders, including Fidelity, one of the group's biggest stakeholders, are apparently also studying the idea prior to exerting pressure on ITV's management, led by chief executive Charles Allen.
Allen, who oversaw ITV's merger two years ago, is regarded as British media's greatest survivor and narrowly escaped the wrath of stockholders following the failure of pay box, ITV Digital.
Instead stockholders demanded and succeeded in forcing ITV chairman in waiting, Michael Green, to ankle.
It remains to be seen if frustrated investors, exasperated at seeing ITV's stock price languish, will force through a sale of the combo's production entity.
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