UK’s ITV is considering a bid for Canada’s Entertainment One. Preliminary talks have taken place with the Peppa Pig producer about a potential deal, according to the FT.

Shares in the Canadian company opened up 6.8 per cent on April 14th, while ITV shares were flat.

Entertainment One became a takeover target when it was forced to raise new debt, putting pressure on its share price. The London-listed company is trading at about half its all-time high, valuing the company at £678 million (€851m).

ITV has enjoyed a period of strong growth in recent years as it has managed to sustain high advertising revenues and is in good financial health to carry out a deal.

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