After retaining its franchise in 1991 unopposed with a bid of just £2,000 a year (just over £5 a day), plus 2% of their annual advertising revenue , STV's production arm was placed into a separate company, "Scottish Television Enterprises". The company invested shares in various ITV companies and media firms, including a 25% stake in GMTV as part of a consortium for the ITV breakfast franchise (STV's stake was sold off to ITV plc in 2004 for £31 million), ITN and UTV, which helped push profits up to £10m. The company itself acquired new investors when in 1994 the Mirror Group brought 20% stake in company, In September 1995, STV acquired a 20% stake in HTV worth £36 million, as part of a deal with Flextech, which held a 20% stake while the Mirror Group stake was diluted to 16%. The deal also involved Mirror Group CEO David Montgomery and two Flextech executives joining the Scottish Television board, while Flextech committed to licensing more than 125 hours of drama and documentaries from STV. Within a month of the deal, the Mirror Group increased its stake to 19.93%.