The British media giant posted its first results since news of its $2 billion deal to sell its broadcast and streaming business to NBCU's Sky.
ITV has reported revenue growth of 2 percent in the first half of the year and revealed a £100 million ($135m) sharehold buyback in what CEO Carolyn McCall has described as a show of “commitment to attractive shareholder returns” in the wake of Sky‘s £1.6 billion ($2.13b) acquisition of the broadcaster’s network and streaming businesses.
In the first results since the industry-rattling mega-deal was announced, ITV said the buyback and interim dividend of 1.7p totaling around £60 million ($80m) represents an “early return of part of the previously announced £950 million net cash return expected on completion of the sale.” McCall said on a call with reporters early Friday: “The announcement of the sale […] was a defining moment to ITV.”
“And crucially,” she added, “it will also unlock the value of ITV Studios.” (The company’s production arm is not part of the deal, though the report shows Sky will commit to buying £2.1 billion in ITV Studios content between 2028 and 2032.) After news of the deal, the focus for ITV will likely be on its content and big-hitters at ITV Studios (Love Island, Rivals at Disney+), making it a potential takeover target.
