ITV Completes £255 Million Sale of BritBox Stake to BBC Studios, Set to Focus on ITVX Expansion
ITV has finalized the sale of its 50% stake in the digital streaming platform BritBox International to BBC Studios, its former joint venture partner, for a total of £255 million. This move aligns with ITV’s strategy to expand its streaming platform, ITVX, and its production arm, ITV Studios. The company plans to distribute all the proceeds from this sale to its shareholders through a buyback program, anticipated to start shortly after the announcement of its annual results on March 7th.
As per the sale agreement, ITV Studios will keep earning revenues from BritBox International at comparable rates based on the newly extended content licensing agreements. However, this transaction does not affect BritBox UK, which will continue to include BBC programming under separate, long-term contracts.
ITV’s CEO, Carolyn McCall, commented on the deal, “The sale of 50 per cent of BritBox International means ITV is focused on its core strategic goals of continuing to build on ITVX’s success and growing ITV Studios. I would like to thank the BritBox International team for making the company such a success, particularly CEO Reemah Sakaan, for her leadership, drive and vision.”
Echoing the sentiment, Tom Fussell, CEO of BBC Studios, stated, “This is an important acquisition for us. We are taking full ownership of a successful, growing service we know well, and that fits with our stated ambition to double the size of our business. BritBox International has British content at its heart and generates and satisfies demand for British shows outside the UK. We will continue to make significant investments in the future to deliver long-term value to the BBC. I’d like to thank Reemah for her outstanding contribution to BritBox International, which under her stewardship has seen remarkable year-on-year growth.”
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