HMV boss Simon Fox has dropped out of the race to become chief executive of ITV.

Fox was a front runner for the position but has opted out of the race to head up the struggling broadcaster, and will instead stay at the entertainment retailer to continue the three year turnaround plan.

ITV is searching for a replacement for Michael Grade who has decided to step down to rake on a part-tome position later this year.

Fox was thought to have a good chance at getting the ITV job thanks to his success at turning around the ailing HMV business. ITV has been keen to find someone young and dynamic to embrace the digital age.

Apple’s European head Pascal Cagni and former BSkyB boss Tony Ball remain in the race for the ITV position.