Exhibit 4.8

ITV plc

Granada plc

Carlton Communications Plc

Lazard & Co., Limited

UBS Limited

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SPONSORS AGREEMENT

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Contents

|1.         |  | Definitions and Interpretation                   |  | 2                                                                                                      
|---------- |  | ------------------------------------------------ |  | -------------------------------------------------------------------------------------------------------
|2.         |  | Appointments                                     |  | 2                                                                                                      
|3.         |  | Applications for Admission                       |  | 3                                                                                                      
|4.         |  | Delivery of Documents                            |  | 3                                                                                                      
|5.         |  | Undertakings of the Company, Granada and Carlton |  | 3                                                                                                      
|6.         |  | Representations, Warranties and Undertakings     |  | 3                                                                                                      
|7.         |  | Exclusions of Liability                          |  | 5                                                                                                      
|8.         |  | Indemnities                                      |  | 5                                                                                                      
|9.         |  | Termination                                      |  | 7                                                                                                      
|10.        |  | Withholding and Grossing-up                      |  | 8                                                                                                      
|11.        |  | CREST                                            |  | 9                                                                                                      
|12.        |  | General Provisions                               |  | 9                                                                                                      
|13.        |  | Post-Admission Matters                           |  | 10                                                                                                     
|14.        |  | Counterparts                                     |  | 10                                                                                                     
|15.        |  | Entire Agreement                                 |  | 10                                                                                                     
|16.        |  | Notices                                          |  | 10                                                                                                     
|17.        |  | Governing Law and Jurisdiction                   |  | 13                                                                                                     
|Schedule 1 |  | 14                                              
|           |  | Definitions and Interpretation                   |  | 14                                                                                                     
|Schedule 2 |  | 18                                              
|           |  | Delivery of Documents                            |  | 18                                                                                                     
|           |  | Part 1:                                          |  | Documents to be delivered to Joint Sponsors (the Company)                                              
|           |  | Part 2:                                          |  | Documents to be delivered to Joint Sponsors (Granada)                                                  
|           |  | Part 3:                                          |  | Documents to be delivered to Joint Sponsors (Carlton)                                                  
|           |  | Part 4:                                          |  | Documents to be prepared by Joint Sponsors                                                             
|           |  | Part 5:                                          |  | Additional Documents required by the UK Listing Authority and London Stock Exchange (48 hour documents)
|           |  | Part 6:                                          |  | Documents to be delivered to the Joint Sponsors immediately prior to Admission                         
|Schedule 3 |  | 26                                              
|           |  | Undertakings                                     |  | 26                                                                                                     
|Schedule 4 |  | 28                                              
|           |  | Representations, Warranties and Undertakings     |  | 28                                                                                                     

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THIS AGREEMENT is made on 5th December 2003

BETWEEN:

WHEREAS



1

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NOW
IT IS HEREBY AGREED as follows:

1.     Definitions and Interpretation

2.     Appointments

2

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3.     Applications for Admission

4.     Delivery of Documents

5.     Undertakings of the Company, Granada and Carlton



6.     Representations, Warranties and Undertakings

3

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4

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7.     Exclusions of Liability

8.     Indemnities

5

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6

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9.     Termination

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10.   Withholding and Grossing-up

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11.   CREST

12.   General Provisions

9

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13.   Post-Admission Matters



14.   Counterparts



15.   Entire Agreement



16.   Notices

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11

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| | If to the Company to: |  | ITV PLC
The London Television Centre
Upper Ground
London
SE1A 9LT    
| | --------------------- |  | ---------------------------------------------------------------------
| |                       |  | For the attention of: Company Secretary                              
| |                       |  | Fax Number: 020 7620 2864                                            
| |                       |  | Telephone Number: 020 7620 1620                                      
| | If to Granada to:     |  | Granada plc
The London Television Centre
Upper Ground
London
SE1A 9LT
| |                       |  | For the attention of: Company Secretary                              
| |                       |  | Fax Number: 020 7620 2864                                            
| |                       |  | Telephone Number: 020 7620 1620                                      
| | If to Carlton:        |  | Carlton Communications Plc
25 Knightsbridge
London
SW1X 7RZ          
| |                       |  | For the attention of: Company Secretary                              
| |                       |  | Fax Number: 020 7663 6300                                            
| |                       |  | Telephone Number: 020 7663 6363                                      
| | If to Lazard:         |  | Lazard & Co., Limited
50 Stratton Street
London
W1J 8LL              
| |                       |  | For the attention of:
Legal and Compliance Department                
| |                       |  | Fax Number: 020 7072 6404                                            
| |                       |  | Telephone Number: 020 7187 2000                                      
| | If to UBS:            |  | UBS Limited
1 Finsbury Avenue
London
EC2M 2PP                        
| |                       |  | For the attention of:
Equity Capital Markets Group                   
| |                       |  | Fax Number: 020 7568 1081                                            
| |                       |  | Telephone Number: 020 7567 8000                                      

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17.   Governing Law and Jurisdiction

IN
WITNESS WHEREOF this Agreement has been entered into the day and year first above written.

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Schedule 1  Definitions and Interpretation



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15

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SCHEDULE 2

Delivery of Documents

Part 1: Documents to be delivered to Joint Sponsors
(the Company)

|Document |  |                                                                                                                                                                                                                                                                                                                                                                                          |  | No of copies |  | Execution requirements                                                                                                                                                                                                   
|-------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1.       |  | Application for admission to the Official List (Schedule 3A)                                                                                                                                                                                                                                                                                                                             |  | 3            |  | Signed original (for UKLA), together with 2 certified copies                                                                                                                                                             
|2.       |  | Responsibility letter from each ITV Director relating to the Listing Particulars together with powers of attorney (as applicable)                                                                                                                                                                                                                                                        |  | 3            |  | 3 certified copies                                                                                                                                                                                                       
|3.       |  | Listing Particulars bearing evidence of the formal approval of the UK Listing Authority, pursuant to the Listing Rules                                                                                                                                                                                                                                                                   |  | 2            |  | Certified copies                                                                                                                                                                                                         
|4.       |  | Evidence that copies of the Listing Particulars have been delivered to the Registrar of Companies for registration pursuant to Section 83 of the FSMA                                                                                                                                                                                                                                    |  | 2            |  | In a form satisfactory to the Joint Sponsors                                                                                                                                                                             
|5.       |  | Listing Particulars and each of the other Listing Documents                                                                                                                                                                                                                                                                                                                              |  | 3            |  | One copy of the Listing Particulars to be signed by each of the ITV Directors (or by their agents or attorneys duly authorised in writing, in which case, together with three certified copies of any such authorisation)
|6.       |  | Minutes of the meetings of the board of directors of the Company, or a duly authorised committee thereof, approving the Listing Documents and (where appropriate) the other documents referred to in this Agreement and authorising the steps to be taken
by the Company in connection with its application for Admission, including the execution of this Agreement, in the agreed form |  | 2            |  | Certified copies                                                                                                                                                                                                         
|7.       |  | Minutes of a meeting of the Board of Directors of the Company appointing any committee such as is referred to in paragraph 7 above                                                                                                                                                                                                                                                       |  | 2            |  | Certified copies                                                                                                                                                                                                         
|8.       |  | Memoranda and/or letters each in the agreed form prepared by KPMG:                                                                                                                                                                                                                                                                                                                       |  | 2 of each    |  | Copies (or originals to the extent that they are addressed to Joint Sponsors)                                                                                                                                            

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|    |  | (a)                                                                                |  | confirming the correct extraction of certain financial information in the Listing Particulars                                                            |  |                                                                               |  | 
|--- |  | ---------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------- |  | 
|    |  | (b)                                                                                |  | confirming that the Company's statement relating to paragraph 2.15 of the Listing Rules has been made after due and careful enquiry                      |  |                                                                               |  | 
|    |  | (c)                                                                                |  | providing comfort on there being no significant change in the financial position of the Company                                                          |  |                                                                               |  | 
|    |  | (d)                                                                                |  | providing comfort on there being no significant/material change in the financial and trading position of Granada                                         |  |                                                                               |  | 
|    |  | (e)                                                                                |  | concerning the omission of information from the Listing Particulars in accordance with paragraph 6.E.11(d) of the Listing Rules                          |  |                                                                               |  | 
|    |  | (f)                                                                                |  | in relation to the pro forma net asset statement included in the Listing Particulars (paragraph 12.35)                                                   |  |                                                                               |  | 
|    |  | (g)                                                                                |  | in relation to Granada's schedule of indebtedness                                                                                                        |  |                                                                               |  | 
|    |  | (h)                                                                                |  | in relation to the narrative description of GAAP differences included in the Listing Particulars                                                         |  |                                                                               |  | 
|    |  | (i)                                                                                |  | in relation to KPMG's independence of the Company (paragraph 3.5 of the Listing Rules)                                                                   |  |                                                                               |  | 
|9.  |  | Memoranda and/or letters each in the agreed form prepared by PwC:                  |  | 2 of each                                                                                                                                                |  | Copies                                                                       
|    |  | (a)                                                                                |  | confirming the omission of information from the Listing Particulars in accordance with paragraph 6.E.11(d) of the Listing Rules                          |  |                                                                               |  | 
|    |  | (b)                                                                                |  | providing comfort on there being no significant change in the financial and trading position of Carlton and accurate extraction of financial information |  |                                                                               |  | 
|10. |  | Memoranda and/or letters each in the agreed form prepared jointly by KPMG and PwC: |  | 2 of each                                                                                                                                                |  | Copies (or originals to the extent that they are addressed to Joint Sponsors)
|    |  | (a)                                                                                |  | providing comfort on the ITV Working Capital Memorandum                                                                                                  |  |                                                                               |  | 

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|    |  | (b)                                                                                                                                                                                                                                                             |  | providing comfort on the merger benefit statements in the Listing Particulars |  |                                                                  |  | 
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------- |  | ---------------------------------------------------------------- |  | 
|11. |  | ITV Working Capital Memorandum                                                                                                                                                                                                                                  |  | 3                                                                             |  | Signed original and certified copies                            
|12. |  | Company's Constitutional Documents                                                                                                                                                                                                                              |  | 3                                                                             |  | Certified copies                                                
|13. |  | KPMG Report                                                                                                                                                                                                                                                     |  | 3                                                                             |  | Signed original x1 (and 2 certified copies for Joint Sponsors)  
|14. |  | Letters of consent from KPMG and PricewaterhouseCoopers referred to in the Listing Particulars                                                                                                                                                                  |  | 2 of each                                                                     |  | Signed originals and certified copies                           
|15. |  | Letters addressed to the Joint Sponsors duly signed by KPMG, PricewaterhouseCoopers, Hoare Govett, Lovells and Slaughter and May in relation to paragraph 2.12 of the Listing Rules and dated the same date as the Listing Particulars, each in the agreed
form |  | 2 of each                                                                     |  | Originals                                                       
|16. |  | Letter to the UK Listing Authority duly signed by each of the Directors in the terms of paragraph 5.5 of the Listing Rules and dated the same date as the Listing Particulars, in the agreed form                                                               |  | 3                                                                             |  | Original (x1) (for UKLA) and certified copies for Joint Sponsors
|17. |  | Formal Notice bearing evidence of the formal approval thereof by the UK Listing Authority                                                                                                                                                                       |  | 3                                                                             |  | Original (for UKLA) and 2 copies for Joint Sponsor              
|18. |  | Letters addressed to the Joint Sponsors from the Company pursuant to paragraphs 2.13, 2.15, 2.18 and 2.20 of the Listing Rules and dated the same date as the Listing Particulars, each in the agreed form                                                      |  | 2 of each                                                                     |  | Signed originals                                                
|19. |  | Letters to the UK Listing Authority duly signed by Hoare Govett in the terms of paragraph 6.E.11 of the Listing Rules and dated the same date as the Listing Particulars, each in the agreed form                                                               |  | 3 of each                                                                     |  | Copies                                                          
|20. |  | The other documents stated in the Listing Particulars as being available for inspection                                                                                                                                                                         |  | 2 of each                                                                     |  | Copies                                                          
|21. |  | Press announcement on date of publication of Listing Particulars                                                                                                                                                                                                |  | 2                                                                             |  | Copies                                                          

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Part 2: Documents to be delivered to Joint Sponsors  (Granada)

|Document |  |                                                                                                                                                                               |  | No of copies |  | Execution requirements         
|-------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ |  | -------------------------------
|1.       |  | Scheme Document (in conjunction with Carlton)                                                                                                                                 |  | 2            |  | Copies                         
|2.       |  | Responsibility letter from each Granada Director relating to the Scheme Document (together with Powers of Attorney)                                                           |  | 3            |  | Original and 2 certified copies
|3.       |  | Extract of minutes of a meeting of the board of directors of Granada, or a duly authorised committee thereof, authorising the execution of this Agreement, in the agreed form |  | 2            |  | Certified copies               
|4.       |  | Letter addressed to the Joint Sponsors and ITV from Granada pursuant to paragraph 2.12 of the Listing Rules and dated the same date as the Listing Particulars                |  | 2            |  | Signed originals               
|5.       |  | Granada Working Capital Memorandum                                                                                                                                            |  | 2            |  | Original                       
|6.       |  | Letter from KPMG dated the date of the Scheme Document providing comfort on the Granada standalone working capital position                                                   |  | 2 of each    |  | Signed copies                  

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Part 3: Documents to be delivered to Joint Sponsors  (Carlton)

|Document |  |                                                                                                                                                                                                                                                                                     |  | No of copies                                                                                            |  | Execution requirements                   
|-------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------- |  | -----------------------------------------
|1.       |  | Scheme Document (in conjunction with Granada)                                                                                                                                                                                                                                       |  | 2                                                                                                       |  | Copies                                   
|2.       |  | Responsibility letter from each Carlton Director relating to the Scheme Document together with Powers of Attorney                                                                                                                                                                   |  |                                                                                                         |  |                                          
|3.       |  | Minutes of a meeting of the board of directors of Carlton, or a duly authorised committee thereof, approving the Scheme Document and (where appropriate) the other documents referred to in this Agreement, authorising their issue and authorising the
execution of this Agreement |  | 2                                                                                                       |  | Certified copies                         
|4.       |  | Extract of minutes of the meeting of the Board of Directors of Carlton appointing any committee such as is referred to in paragraph 1 above                                                                                                                                         |  | 2                                                                                                       |  | Certified copies                         
|5.       |  | Letter addressed to the Joint Sponsors from Carlton pursuant to paragraph 2.12 of the Listing Rules and dated the same date as the Listing Particulars                                                                                                                              |  | 2                                                                                                       |  | Signed originals                         
|6.       |  | Carlton Working Capital Report                                                                                                                                                                                                                                                      |  | 2                                                                                                       |  | Originals                                
|7.       |  | Letter from PwC to ITV concerning the extraction of financial information relating to Carlton                                                                                                                                                                                       |  | 3                                                                                                       |  | Original (for ITV) and 2 certified copies
|8.       |  | PwC Report contained in Part 4 of the Listing Particulars                                                                                                                                                                                                                           |  | 2                                                                                                       |  | Signed originals                         
|9.       |  | Letters from PwC dated the date of the Scheme Document                                                                                                                                                                                                                              |  | 2 of each                                                                                               |  | Signed copies                            
|         |  | (a)                                                                                                                                                                                                                                                                                 |  | containing a report on the Carlton Working Capital Report                                               |  |                                          
|         |  | (b)                                                                                                                                                                                                                                                                                 |  | providing comfort on the Carlton standalone working capital position                                    |  |                                          
|         |  | (c)                                                                                                                                                                                                                                                                                 |  | statement of adjustments re the Carlton accountants' report                                             |  |                                          
|         |  | (d)                                                                                                                                                                                                                                                                                 |  | providing comfort on there being no significant change in the financial and trading position of Carlton |  |                                          

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Part 4: Documents to be prepared by Joint Sponsors

|Document |  |                                                                                              |  | No of copies |  | Execution requirements
|-------- |  | -------------------------------------------------------------------------------------------- |  | ------------ |  | ----------------------
|1.       |  | Joint Sponsors working capital letter in accordance with paragraph 2.18 of the Listing Rules |  | 1            |  | Copy                  
|2.       |  | Consent letter (Listing Particulars and Scheme Document)                                     |  | 1 of each    |  | Originals             
|3.       |  | Joint Sponsors Schedule 4A declarations                                                      |  | 1 of each    |  | Copies                
|4.       |  | Schedule 1A confirmation of independence                                                     |  | 2 of each    |  | Copies and Originals  
|5.       |  | Paragraph 2.24 letter                                                                        |  | 2            |  | Copies and Original   

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Part 5: Additional Documents required by the UK Listing Authority and  London Stock Exchange (48 hour documents)

|Document |  |                                                                                                        |  | No of copies |  | Execution requirements                                      
|-------- |  | ------------------------------------------------------------------------------------------------------ |  | ------------ |  | ------------------------------------------------------------
|1.       |  | Board resolution of the Company allotting shares pursuant to the Schemes                               |  | 3            |  | Certified copies (for UKLA and Joint Sponsors)              
|2.       |  | Certificate of Incorporation of the Company                                                            |  | 3            |  | Certified copies                                            
|3.       |  | Copy of the newspaper containing the Formal Notice                                                     |  | 3            |  | Certified copies                                            
|4.       |  | Copy of the certificate of registration issued by the Registrar of Companies in relation to the Scheme |  | 3            |  | Certified copies                                            
|5.       |  | Application for Admission to Trading (Form 1 of the Standards) for the Company                         |  | 3            |  | Signed original (x1) and 2 certified copies                 
|6.       |  | Shareholder Statement (Schedule 2)                                                                     |  | 1            |  | Original                                                    
|7.       |  | Schedule 6 Declaration                                                                                 |  | 3            |  | Signed original (for UKLA), together with 2 certified copies

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Part 6: Documents to be delivered to the Joint Sponsors immediately prior to Admission

|Document |  |                                                                                             |  | No of copies |  | Execution requirements                              
|-------- |  | ------------------------------------------------------------------------------------------- |  | ------------ |  | ----------------------------------------------------
|1.       |  | The Company's CREST application form                                                        |  | 3            |  | Signed original (for CRESTCo) and 2 certified copies
|2.       |  | The Company's CREST enablement letter                                                       |  | 3            |  | Signed original (for CRESTCo) and 2 certified copies
|3.       |  | Letter from the Company to the Registrars confirming their appointment to act as Registrars |  | 2            |  | Certified copies                                    

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Schedule 3

Undertakings

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Schedule 4

Representations, Warranties and Undertakings

1.     Public Documents

28

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2.     Authorisations and Capacity

29

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3.     Working Capital Memoranda



4.     Repayment of Borrowings and Default



5.     Contracts and Arrangements

30

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6.     Licences



7.     ITV name



8.     No registration



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|SIGNED by                      |  | ) |  |               
|------------------------------ |  | - |  | --------------
|for and on behalf of           |  | ) |  | HENRY STAUNTON
|ITV PLC                        |  | ) |  |               
|SIGNED by for and on behalf of |  | ) |  | GRAHAM PARROTT
|GRANADA PLC                    |  | ) |  |               
|SIGNED by                      |  | ) |  |               
|for and on behalf of           |  | ) |  | PAUL MURRAY   
|CARLTON COMMUNICATIONS PLC     |  | ) |  |               
|SIGNED by                      |  | ) |  |               
|for and on behalf of           |  | ) |  | EDWARD MASON  
|LAZARD & CO., LIMITED          |  | ) |  |               
|SIGNED by                      |  | ) |  |               
|for and on behalf of           |  | ) |  | MYLES JOHNSON 
|UBS LIMITED                    |  | ) |  |               
|SIGNED by                      |  | ) |  |               
|for and on behalf of           |  | ) |  | INNA SIDOROVA 
|UBS LIMITED                    |  | ) |  |               

CE040150068

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