×
You will be redirected back to your article in seconds

ITV Acquisition Spree Boosts H1 Revenues

Company says it is currently "not looking" to acquire additional Nordic shingles

U.K. private broadcaster ITV has reported a boost in revenues in the first half of the year, largely driven by an acquisition spree in its production unit.

The company told investors on Tuesday that continued growth in ITV Studios, its production arm, which helped boost its pre-tax profits by 16% to £270 million ($414 million), offset a decline in advertising revenue.

ITV reported a non-advertising revenue boost of 11% to £568 million ($871 million) driven by its production arm and the company’s online, pay and interactive divisions.

ITV Studios, which makes shows such as “Mr. Selfridge” and “Titanic,” reported an 11% increase in revenues to $605 million while total revenues for the whole company sat at nearly $2 billion, delivering a pre-tax profit of $274 million, up 11% on 2012.

The production buying frenzy this year has included controlling stakes in U.S. shingles Thinkfactory Media and Gurney Prods. and U.S. reality producers High Noon Entertainment.

Most recently, the broadcaster snapped up 100% of U.K. shingle Big Talk last week, which produces TV programs such as “Rev” for BBC and “Friday Night Dinner” for Channel 4 in addition to pics such as “Shaun of the Dead,” “Hot Fuzz,” “Attack the Block” and “The World’s End.”

“We’re making good progress with our strategy of growing and rebalancing the business as we build new revenue streams and improve margins,” said ITV chief exec Adam Crozier.

He noted that in the first half of 2013, ITV continued to increase group profits and revenues despite an expected fall in advertising revenues.

“ITV Studios delivered further growth in the U.K. and internationally both organically and through selective acquisitions in our key target markets – with total Studios revenues up 11%,” said Crozier. “We’re showing real momentum in our strategy of creating a robust international content business and in building a substantial strength and scale in the U.S. market.”

He also said on Tuesday that ITV Studios is currently not looking to buy anymore companies in the Nordic region, indicating that the company will not bid for Finland’s Nice Entertainment Group, as was previously suspected.

While the company reported TV ad revenue was down 3%, ITV is expected to see a 9% boost in its third quarter with a 12% boost in July and a 20% bump in August thanks to the start of the Premier League soccer season.

Crozier said that last year, advertisers had pulled spend earlier for the pre-Olympics and Euro 2012 months, meaning this summer would see a year-on-year boost as a result.

Additionally, ITV showed growth in online, pay and interactive revenues, which includes its ITV Player catch-up TV service. First half growth for this component of the biz was up 19% to $85.7 million.

 

 

 

 

 

 

 

More Biz

  • WGA Agency Packaging Fight Placeholder Writer

    Writers Guild Agrees to Resume Meetings With Talent Agencies

    The Writers Guild of America has agreed to resume negotiations with Hollywood’s talent agents, six weeks after talks between the two sides cratered. WGA West President David A. Goodman announced Wednesday night that the WGA had approved a proposal by UTA co-president Jay Sures to get back to the bargaining table. Sures had made the [...]

  • Contract Placeholder Business WGA ATA Agent

    Agencies Offer to Restart Talks With WGA to End Packaging Fee Standoff

    Hollywood’s largest talent agencies have offered to restart negotiations with the WGA to end the standoff over the guild’s effort to impose new rules on talent agents. In a letter to WGA West president David Goodman sent Wednesday, UTA co-president Jay Sures extended an olive branch and suggested resuming talks next week. UTA later sent [...]

  • Woodstock 50 Files Appeal Seeking Return

    Woodstock 50 Files Appeal Seeking Return of $18 Million From Former Financial Partner

    In the latest round of the ongoing legal battle between the organizers of Woodstock 50 and their erstwhile partners Dentsu Aegis, attorney Marc Kasowitz announced that the festival has filed an appeal for Dentsu to return some $18.5 million the financial giant withdrew from the organizers’ bank account. That money has been a point of [...]

  • Spider-Man Homecoming

    Film and TV Productions Are Using Drones for Scouting Locations, Lighting and More

    Since a ruling by the Federal Aviation Administration in 2014 that cleared the use of drones in film and TV production, the acquisition of footage by these unmanned flying machines has become de rigueur for aerial shooting in cases when cranes or aircraft are impractical or unsafe.  As such, drones have been greeted enthusiastically not [...]

  • White House Communications Director Hope Hicks,

    House Judiciary Committee Issues Subpoena for Fox Spokeswoman Hope Hicks

    The House Judiciary Committee has issued a subpoena for Hope Hicks, the Fox Corporation communications chief who previously worked as the communications director in President Donald Trump’s White House. The call for Hicks to appear before the committee was issued Tuesday. Hicks could not be reached for immediate comment on the matter. Hicks was in [...]

  • Stephanie Dalton City National Bank

    Why City National Handles Financing for Half the Shows on Broadway

    Seen a Broadway show lately? If the answer is yes, then there’s a pretty good chance that Stephanie Dalton and her team at City National Bank have played a role in the financial life of the production. That can mean anything from managing the cash that a show takes in at the box office to [...]

  • Broadway Theater Placeholder

    The Great Green Way: Inside Broadway's Economic Boom

    Here’s an old Broadway story, probably apocryphal, but with the ring of truth: A worried producer checks in on his ticket sales to see how his show is doing. “We had a terrible night, boss,” the treasurer tells him. “We did one penny.” The producer sulks through Shubert Alley and runs into a rival. “How’s [...]

More From Our Brands

Access exclusive content