×
You will be redirected back to your article in seconds

Strong ITV Studios Performance Offsets Revenue Decline at British Broadcaster

The strong performance of ITV Studios helped offset a revenue decline at the wider ITV operation in the first nine months of the year.

Britain’s biggest commercial broadcaster was hit by a fall in advertising revenues in a tough ad market, with overall sales down 1% at £2.1 billion ($2.75 billion). ITV Chairman Peter Bazalgette noted that the market remains challenging. “We are currently seeing a return to TV advertising from some of the FMCGs and grocers although wider corporate confidence in the U.K. continues to be impacted by political and economic uncertainty,” he said.

The broadcaster has sought to diversify its lines of business in recent years to reduce its exposure to the cyclical ad market. Content business ITV Studios and the online and pay segments performed well over the first three quarters. Bazalgette said that “best of British” streaming service Britbox, which is run in conjunction with the BBC and AMC, is performing well and will roll out in other territories. It is currently available in the U.S. No subscriber numbers have been broken out.

ITV Studios posted revenues of £1 billion across the first nine months of the year, a 9% uptick year on year. The number was boosted by acquisitions. With those stripped those out, revenues were up 3% at £948 million.

Bazalgette singled out ITV America as a strong performer within ITV Studios and noted recent acquisitions in Europe. “We are making real progress in building a European scripted business with the recent acquisition of Italian producer Cattleya. This, along with our investment in Tetra in France and our existing European drama businesses, will enable us to benefit from the increasing demand for locally produced content with global appeal,” he said.

ITV said that ITV Studios’ full-year revenues and profit will be in line with last year, while ITV will be down 5% overall. Programming costs will be lower with no major sports tournaments, and the broadcaster said it will make £25 million of savings over the year.

More Biz

  • Tidal Launches $1 Million Program to

    Tidal Launches Unplugged, $1 Million Program to Support Emerging Musicians

    Tidal, the streaming platform headed by Jay-Z, today announced the launch of a million-dollar artist grant program intended to support emerging musicians. Called Tidal Unplugged and funded by a donation from venture capitalists and philanthropists Mark Lampert and Robert Nelsen, the program will kick off March 1 in Detroit, where Lampert’s grandfather started his musical career. [...]

  • Patti Smith, Sharon Van Etten Lead

    Patti Smith, Sharon Van Etten, Lead Initial Lineup for Renovated Webster Hall

    New York’s classic venue Webster Hall, which will reopen this spring after a months-long renovation, has announced the first run of shows after its relaunch: Patti Smith and Her Band, Broken Social Scene, MGMT, Empire of the Sun, Old Dominion, Sharon Van Etten, Built to Spill, Real Estate, Chromeo and Big Thief are among the [...]

  • Jussie Smollett

    Jussie Smollett Charged With Filing False Police Report

    “Empire” actor Jussie Smollett has been charged with filing a false police report, the Chicago police said Wednesday. “Detectives will make contact with his legal team to negotiate a reasonable surrender for his arrest,” police spokesman Anthony Guglielmi said on Twitter. Smollett is due to appear in court for a bond hearing at 1:30 p.m. [...]

  • Coast Guard Lieutenant Hit List

    Coast Guard Lieutenant Targeted CNN, MSNBC Anchors and Democrats for Attacks

    Anchors at CNN and MSNBC and prominent Democrats were targeted for attack by a Coast Guard lieutenant arrested Friday on a firearms charge, according to federal prosecutors in Maryland. In court documents revealed Tuesday, prosecutors describe the firearms and controlled substance charges Christopher Paul Hasson is facing as “the proverbial tip of the iceberg.” CNN’s [...]

  • Jussie Smollett suspect

    Jussie Smollett Named a Suspect by Chicago Police for Filing False Report

    Chicago police have named “Empire” actor Jussie Smollett as a suspect in a criminal investigation, three weeks after he reported he was the victim of a hate crime. Detectives are presenting evidence to a grand jury, which is expected to determine whether to indict Smollett on a charge of filing a false police report. “Jussie [...]

  • Contract Placeholder Business

    WGA, Agents Face Tough Issues on New Franchise Pact (Column)

    The Writers Guild of America and the major talent agencies are seven weeks away from a deadline that could force film and TV writers to choose between their agents and their union. This is a battle that has been brewing for a year but few in the industry saw coming until a few weeks ago. [...]

  • Island Records Names Christine Kauffman Senior

    Island Records Names Christine Kauffman Senior VP of Brand Partnerships

    Veteran advertising executive Christine Kauffman has been named senior VP of brand partnerships at Island Records, the company announced today. She will be based in New York and report to Island COO Eric Wong. In making the announcement, Island President Darcus Beese said, “The fast-paced and competitive field of strategic brand marketing has become an [...]

More From Our Brands

Access exclusive content