Greg Dyke has been advising Apax Partners on media issues

The Observer reported on Sunday that Greg Dyke, former BBC director general, has been talking with venture capital firms about a potential �6bn bid.

The paper said that Lord Hollick, former owner of the Anglia and Meridian ITV franchises, may also support a bid.

ITV was formed by the merger of Granada and Carlton last year.

Media experience

ITV shares have risen about 10% in the past three sessions.

The firm's shares rose again on Monday, closing up 0.5p at 115.5p.

Latest ITV share price

Mr Dyke, who resigned from the BBC last year, has been advising Apax Partners on media issues since October.

Lord Hollick is to become a managing director of US private equity business Kohlberg Kravis Roberts when he stands down as chief executive of United Business Media in April.

He will be responsible for expanding its investments in European media businesses.

According to the Observer, former television and newspaper executive Stephen Grabiner - now a partner at Apax Partners - has also been involved in discussions about a potential bid.

Advertising recovery

A buoyant advertising market helped ITV record a 42% rise in profits for the first half of the year.

There is little doubt that ITV's future as an independent company has been viewed with raised eyebrows Jeremy Batstone, Charles Stanley

ITV has delivered on its promise of achieving substantial cost savings through the merger of Granada and Carlton, hitting its �100m efficiency target six months ahead of plan.

Jeremy Batstone, an analyst with stockbrokers Charles Stanley, told the Press Association he thought a bid for ITV was a "distinct possibility".

"There is little doubt that ITV's future as an independent company has been viewed with raised eyebrows," he said.