On 16 October 2002 the boards of Granada and Carlton announced that they had agreed the terms of a proposed merger. The Secretary of State referred the proposed merger to the Competition Commission on 11 March 2003, and on 7 October 2003 announced that she had decided to clear the merger, subject to appropriate undertakings being given by Granada and Carlton. Granada and Carlton announced on 14 November 2003 that the terms of those undertakings had been agreed and duly accepted by the Secretary of State.

The merger completed and dealings of ITV shares commenced on the London Stock Exchange on 2 February 2004.