GRANADA Media, which owns Yorkshire and Tyne-Tees Television, was listed on the stock exchange at 515p-a-share yesterday, giving the company a value of £7.5bn.

Conditional trading in the company began yesterday, with full trading starting next Tuesday.

Steve Morrison, chief executive of Granada Media, said: "We are pleased by the positive welcome from the international investment community and this will provide a solid base for the company to build long-term shareholder value."

The new company will include four business and two joint ventures.

It will encompass a programme production business, a broadcasting division, a new media business including a number of Internet ventures and a commercial arm.

And it will include digital joint venture ONdigital and consumer television rental venture Box Clever.

Granada Media's programme division makes around 6,000 hours of television programmes, feature films and TV movies each year.

The business comprises 11 different production operations and is the UK's largest commercial production group.

Its broadcasting division consists of four of the 15 ITV regional licences - Granada in the North West, London's LWT, Yorkshire and Tyne-Tees.

Mr Morrison added: "Granada Media is now will placed to play a leading role in the consolidation of ITV."

The plan to list Granada Media was announced in May when it agreed to merge with catering group Compass, creating a hotels and catering business.

Analysts believe splitting the group into a media business and a hospitality company will give investors a clearer view.

The hospitality business will include Compass' catering operations and Granada's raft of hotels and restaurants including the Forte and Meridien hotels, Little Chef, Happy Eater and motorway services sites.

The spin-off of Granada Media is seen as a first step towards Granada joining the consolidation of the ITV business.