ITV Studios has acquired a majority stake in Australian producer Lingo Pictures — marking its first acquisition in the country.
17.10.2022 - 17:41 / deadline.com
ITV’s share price spiked today following news the UK network is considering selling part of its production and sales arm ITV Studios.
Shares are trading at 66.9p, having closed at 61.4p (0.69¢) a share on Friday. This follows a report in the Financial Times that claims the Love Island owner was mulling its options and would entertain selling part of ITV Studios to jumpstart its share price, which has been tanking this year, down nearly 37%.
The FT reported ITV has already fielded expressions of interest in the division, which is also behind the likes of Bodyguard, I’m a Celebrity Get Me Out of Here! and popular British soaps Coronation Street and Emmerdale.
The likes of Banijay parent FL Entertainment and Fremantle owner Bertelsmann have been linked to a deal. The FT noted analysts and sources suggest ITV Studios could be worth more than the network, whose market capitalisation is around £2.5BN (£2.8BN).
It also quoted a source who suggested ITV CEO Carolyn McCall was “totally fed up” with the stock market ignoring ITV and was now “open to doing something.”
ITV Studios has acquisitive itself this year, spending £103.5M ($117.5M) on Tiny World producer Plimsoll Productions in one of the biggest UK production market M&A transactions in some time.
In total, operates around 60 production companies in 13 territories, including the U.S., Australia, France, Germany, The Nordics, Italy and the Netherlands. It has a content library of around 90,000 hours. The division posted revenues of £1.8BN ($2BN) last year, with most coming from non-UK business.
ITV hadn’t responded to requests for comment at press time, but a rep told the FT its board “continuously reviews opportunities to increase shareholder value” but that it would not
ITV Studios has acquired a majority stake in Australian producer Lingo Pictures — marking its first acquisition in the country.
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