DISAPPEARS MORGAN. Britain’s broadcasters can now put a price on U.S.-style culture wars. Shares in ad-funded ITV fell 4% on Wednesday morning, lopping 230 million pounds off its market value, after it parted company with breakfast-television pundit Piers Morgan. The presenter of ITV’s “Good Morning Britain” attracted 41,000 complaints for accusing Meghan Markle of lying about suicidal depression in her interview with Oprah Winfrey. The share decline implies an annual hit of perhaps 29 million pounds of EBITDA, based on ITV’s 9 times enterprise value trading multiple. Given its 20% EBITDA margin, that’s equivalent to 129 million pounds of revenue, or 8% of the company’s forecast 2021 advertising sales. That may overstate Morgan’s true worth, but ITV can’t take his departure lightly: on Monday, “Good Morning Britain” enjoyed a record 32% market share. And with younger Britons turning away from television, its older, wealthier viewers are increasingly valuable. Morgan has a handy bargaining chip in negotiations with potential future employers. (By Ed Cropley)