Deal extends duo's relationship
LONDON — British news organization ITN has signed a six-year supply deal worth more than £250 million ($492.5 million) with ITV, the U.K.’s biggest private terrestrial broadcaster.
The new contract, which replaces the one due to expire at the end of 2008, covers all news shows on flagship web ITV1 plus regional news.
As part of the deal, ITV, a 40% stockholder in ITN, is investing more than $28.5 million in hardware for ITN’s newsroom.
In the past, Rupert Murdoch-backed Sky News, which has a supply contract with commercial broadcaster Five, has bid for the ITV contract, but it is understood there was no bidding process this time around.
ITN also produces a news show for Channel 4 in Blighty.