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Director Deals - ITV's Crozier banks £3.16mln after exercising options

Directors and senior managers at ITV banked more than £8mln after exercising share options earlier this week.

Directors and senior managers at ITV (LON:ITV) banked more than £8mln after exercising share options earlier this week.

The sales followed a bumper year – one in which it saw pretax profits rise 30% to £435mln.

ITV is now more than three-and-a-half years into a five-year turnaround plan, introduced by chief executive Adam Crozier.

This has included cost-cutting and acquisitions, as well as diversifying the broadcaster's revenues away from an overwhelming dependence on free-to-air advertising.

It took £28mln from its overheads last year and will make a further £10mln of costs cuts in 2014.

During 2013, ITV acquired The Garden and Big Talk, in an effort to up its factual entertainment and comedy formats. And in the US, a key market for growth, it bought Thinkfactory Media and High Noon Entertainment.

Investors have felt the benefit of former Royal Mail chief Crozier’s overhaul. The dividend was hiked 35% to 3.5p and ITV paid a 4p special dividend.

The stock has advanced 47% in the last year.

Crozier was the biggest seller of shares after exercising options under the 2012 performance plan.

He banked £3.16mln, while finance director Ian Griffiths sold just over £2mln-worth.

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