In a year of turmoil for ITV (ITV, 43.5p) due to advertising slowdown, a switch away from viewing TV to computers and many other ongoing dramas, the ITV share price has fallen from 121p high in May last year, to a low of 38p in July this year.

If you look at the recent press comment, there is an ongoing discussion with Ofcom over how much ITV can cut back to reduce its costs.

In this time of turmoil it is therefore intriguing to see directors starting to buy.

Ian Griffiths, CFO, on September 10th bought 100,000 shares at 47.2p, initiating his holding, only a day after he was appointed (did he feel duty bound to buy shares to shares?).

Peter Fincham, Director of Television, on September 24th bought 350,000 shares at 42.75p, also initiating a position.

And Sir George Russell, the Deputy Chairman, via Lady Russell, bought 57,000 shares at 43p on September 24th, taking their holding to 62,000 shares.

I’d like to see a few other directors buy shares at these levels, especially when they’ve paid prices 50-150% higher in the past. In particular Cresswell, Ormerod and  Crosby.

In the meantime these transactions merit a ‘WEAK signal’, with the potential to be upgraded pending further director purchases.