BROADCASTERS Granada and Carlton are to press their case for a single ITV after agreeing a £2.6bn merger yesterday.
They said a tie-up would lead to increased investment in programming, higher audiences and a greater reach for advertisers.
But the deal is likely to lead to fears about job losses, with savings of at least £35m a year expected to come from a merger.
In a joint statement, the two indicated that there were overlaps in back-office functions, broadcasting, content and central services.
Granada shareholders will take a 68 per cent stake in the business and receive £200m in cash, with Carlton shareholders having a 32 per cent share.
Charles Allen, boss of Granada, which owns Tyne Tees and Yorkshire, will lead the combined operation as chief executive while Carlton's chairman, Michael Green, will chair the group.
Confirmation of a deal comes after a tie-up was agreed in principle on Friday.
The deal combines 12 of the 15 ITV licences and is subject to clearance from the Office of Fair Trading and the Independent Television Commission.
The Government's Communications Bill, which paves the way for a single ITV, is not expected to become law for at least a year.
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