ITV is home to the X-factor and Coronation Street

ITV said a consortium led by private equity group Apax and investment bank Goldman Sachs had offered to take a controlling interest in the firm.

Under the deal, ITV added, it would have been expected to increase its debt to return cash to investors.

Reports said that in return for a £1.5bn investment, ITV would have had to pay out £3.55bn to shareholders.

ITV refused to speculate on the figures, saying only that they would have involved "a very material increase in ITV's level of debt".

The board... unanimously concluded that the proposal could not be in the best interests of all shareholders ITV Check ITV's shares

Shares in ITV, which was formed from the merger of Carlton and Granada in 2004, surged 9.4%, or 11 pence, to 128p on Wednesday.

Concerns

In a statement, the group said it was concerned that shareholders "who did not wish to retain their shares in this highly leveraged structure would not have been assured of receiving a cash price for their shares at an appropriate premium to reflect the change of control envisaged by the proposal".

"The board therefore unanimously concluded that the proposal could not be in the best interests of all shareholders and accordingly rejected it," it added.

The consortium of bidders said it was weighing up its options following ITV's rejection of its proposals.

ITV has previously been the subject of takeover speculation.

Last year, reports claimed that US media giant Time Warner was working with private equity firms on a possible bid.

However, analysts were sceptical about the benefits of the latest proposal - which also involved the Blackstone Group.

Experts warned that the offer was merely a way to take over the broadcaster without paying the usual premium involved in such a deal.

Earlier this month, ITV posted a 36% rise in pre-tax profits to £452m ($785m).

However, in order to battle a continuing slide in viewing figures and advertising revenues at its flagship ITV1 channel, the company has launched a slew of Freeview digital channels.