The broadcaster said yesterday it had agreed a price of £52.7m cash for the London-based business, which deals in digital visual effects and computer animation.
MPC, which employs 400 people, became part of ITV following the merger, as it was owned by Carlton, which acquired it in 1983.
ITV sold it as part of a programme of non-core asset disposals. It has already sold on Carlton Books and its stakes in Village Roadshow and Thomson. The four deals have returned more than £260m to ITV.
ITV chief executive Charles Allen said: "This is the fourth disposal of non-core assets in the last four months and has been achieved at a good price and ahead of time.
"We have made very significant progress on restructuring our balance sheet, reducing debt, delivering the benefits of the merger and driving shareholder value."