ITV Revenues Down 3% Amid Drop in Profit for ITV Studios

ITV recorded a 3% drop in revenues of £1.5 billion ($1.95 billion) and an 8% fall in adjusted EBITA profit of £403 million in the first half of 2017, weighed down in part by a decline in profits at its production and distribution arm, ITV Studios.

Britain’s biggest commercial broadcaster blamed the decline at ITV Studios on its investment in its budding U.S. drama business and the absence of revenues from “The Voice of China.” Revenue at ITV Studios rose 7%, to £697 million, but profit went down 9%, to £110 million.

ITV executive chairman and interim CEO Peter Bazalgette said Wednesday that the overall numbers were in line with expectations and that the strategy of re-balancing the business is working.

“ITV’s performance in the first six months of the year is very much as we anticipated and our guidance for the full year remains unchanged,” Bazalgette said. “We are confident in the underlying strength of the business as we continue to invest both organically and through acquisitions.”

ITV said its studio unit was performing well despite the absence of revenue it recorded last year from “The Voice of China.” The company also said that it was continuing to invest in the U.S. scripted business, which was still building momentum, with projects such as “Snowpiercer” in the works. ITV America, the part of the broadcaster’s U.S. business that makes unscripted programming, recorded a 49% rise in interim revenues of £143 million.

ITV said it had made its first earnout payment to Talpa after buying the John de Mol-created production company in 2015.

Amid the ongoing debate about the gender pay gap between male and female stars at the BBC, Bazalgette told reporters that the broadcaster will not divulge figures in the same manner as the BBC. “We do take gender issues, employment and pay very seriously, but we are a commercial broadcaster,” he said. “We would never discuss confidential contracts.”

Incoming CEO Carolyn McCall, whose appointment was announced earlier this month, will join ITV at the start of 2018. Current management said it was sticking to its full-year targets despite uncertainty, notably in the advertising market, where Brexit is causing caution among big advertisers. Bazalgette, a reality TV heavyweight after his time on “Big Brother” while at Endemol, said he was a big fan of U.K. summer TV hit “Love Island,” which has generated ITV2’s best ever ratings.

ITV also gave an update on the Britbox U.S. streaming service, which it runs in association with BBC Worldwide. Bazalgette would not divulge subscriber numbers, but said marketing would be ramped up in the second half of the year. Finance boss Ian Griffiths said the partners were looking at taking the service into other territories.

“In the coming months we will look at what we can do to push that internationally,” Griffiths said.

More TV

  • Westworld Season 3 Trailer

    'Westworld' Season 3 Trailer Focuses on New Cast Member Aaron Paul

    Ahead of the final episode of “Game of Thrones,” HBO released the first trailer for the new season of another flagship show: “Westworld.” The first look at the third season of the sci-fi show puts the focus on new series regular Aaron Paul, best known for his run on “Breaking Bad.” The trailer doesn’t reveal [...]

  • Adam Lambert Libertine show, Front Row,

    Adam Lambert Does Double Performing Duty on 'Idol' as New Winner is Crowned

    A new “American Idol” winner was crowned Sunday night, but not before Adam Lambert returned to the stage for the season finale for a pair of performances that included his new single and a duet with eliminated contestant Dimitrius Graham Sunday. The show concluded with Louisiana teen Laine Hardy showered in confetti as he was [...]

  • Beyonce Emilia Clarke

    Emilia Clarke Worried Beyonce Would Hate Daenerys After 'Game of Thrones'' Final Season

    After eight seasons as the Mother of Dragons, “Game of Thrones” star Emilia Clarke has a lot of celebrity fans. But the most impressive? Probably Queen Bey. In a New Yorker interview posted after Sunday night’s series finale, Clarke revealed that she met Beyonce at an Oscars after-party hosted by the musician and her husband, [...]

  • Game of Thrones Finale

    Why the 'Game of Thrones' Finale Couldn't Have Satisfied Everyone

    The “Game of Thrones” finale may have achieved a strange feat: Aiming for fan service while being constrained, by its very nature, to the reality that it would end up pleasing only very few. The episode was larded with character touches designed for devotees — from a title, at long last, for fan favorite Bronn, [...]

  • Game of Thrones Finale

    'Game of Thrones': Celebrity Fans Have Mixed Reaction to Series Finale

    SPOILER ALERT: Do not keep reading if you have not seen the series finale of “Game of Thrones,” titled “The Iron Throne.”  Whether you loved it or hated it, the series finale of “Game of Thrones” was one for the history books. After the final episode aired Sunday night, fans across the globe took to [...]

  • ‘Game of Thrones’: 8 Shocking Moments

    ‘Game of Thrones’: 8 Shocking Moments From the Finale

    SPOILER ALERT: Do not keep reading if you have not seen the finale of “Game of Thrones.” Well, that’s it. After the “Game of Thrones” finale, many of us will likely emulate Jon Snow and just retire North of the Wall. It was billed as one of the biggest events in TV history, and showrunners [...]

  • Front row: CBS THIS MORNING co-hosts

    CBS Hurls New Anchor Team Into TV's Morning-News Wars

    News Team: Assemble. CBS News plans to hurl a new anchor squad into TV’s morning-news wars Monday when a different trio – Gayle King, Anthony Mason and Tony Dokoupil –  takes the helm at “CBS This Morning.” The A.M. effort that has won critical plaudits by focusing on harder news topics, like international affairs and [...]

More From Our Brands

Access exclusive content