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ITV demoted from U.K. top tier

Company dismissed from FT's elite league

Beleaguered British broadcaster ITV looks set to be ejected from the FTSE 100, the elite league of the U.K.’s top companies.

The Financial Times Stock Exchange 100 ranks companies based on their market capitalization.

ITV has been listed since 2003, but the dramatic drop in its stock price means that, barring an unlikely rally, it will be missing when the London Stock Exchange publishes its list Sept. 22.

On Monday, ITV’s stock was trading at 43.4 pence (77¢), down more than 60% from a year high of £1.13 pence ($2).

The U.K.’s biggest private terrestrial web continues to be the subject of bid speculation. Last week, Italy’s Mediaset confirmed that it had kicked ITV’s tires.

“We are looking at a bunch of dossiers, including ITV, but there is no real negotiation,” according to Mediaset board member Gina Nieri. Meanwhile, former ITV topper Charles Allen, who quit two years ago following pressure from investors, is returning to the TV industry.

Allen, chairman of British radio combo GCap Media, has been appointed a non-executive director of global entertainment giant Endemol. He is also a senior adviser to the private equity division of investment bank Goldman Sachs, which owns a stake in Endemol. However, Endemol’s high debts appears to rule out a bid for ITV.