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ITV plc Sells its BritBox International to BBC Studios
ITV plc has made the decision to sell its 50% stake in BritBox International, the digital subscription streaming service, to joint venture partner BBC Studios. The sale is valued at £255 million and will result in net proceeds of approximately £235 million after tax.
This move aligns with ITV’s strategy of focusing on enhancing its UK advertiser-funded streaming service, ITVX, and expanding its global Studios division. Following the sale, ITV plans to use the entire net proceeds to initiate a share buyback program for shareholders shortly after the release of full-year results on March 7th.
Despite the divestment, ITV Studios will still receive ongoing revenue from BritBox International through extended licensing agreements for ITV content. It’s important to note that this transaction only affects BritBox International and not BritBox UK, which will continue to feature BBC content under separate long-term agreements.
CEO Carolyn McCall expressed her gratitude towards the BritBox International team for their contributions: “I would like to thank the BritBox International team for making the company such a success and particularly CEO Reemah Sakaan for her leadership, drive and vision.”
BBC Studios CEO Tom Fussell emphasized that this acquisition is significant for their business: “We are taking full ownership of a successful, growing service we know well… BritBox International has British content at its heart and it generates and satisfies demand for British shows outside the UK.” He also thanked Reemah Sakaan for her remarkable leadership of BritBox International during a period of impressive growth.
The acquisition allows BBC Studios to further invest in expanding their business while capitalising on the popularity and demand for British content globally. It reinforces their commitment to delivering long-term value to the BBC.