ITV chief executive Carolyn McCall said the broadcaster’s sale of its Media & Entertainment business to Sky is “progressing as planned,” even as the UK television market faces a sharp slowdown in advertising demand.
The transaction, which includes ITV’s portfolio of linear channels and its ITVX streaming service, will transfer ownership of the Media & Entertainment division to Sky. Details of the deal’s valuation and completion timeline were not disclosed in the statement.
Amid the advertising slump, ITV announced a £25 million (approximately $33.4 million) reduction in its fourth‑quarter content spending. The cut reflects the company’s effort to align its outlay with the weaker revenue outlook.
The decline in ad spend follows a broader downturn in the UK advertising market, where advertisers have been scaling back budgets across television, digital and print platforms. Broadcasters have reported lower rates and fewer bookings as brands respond to economic uncertainty.
McCall emphasized that, despite the spending trim, ITV remains confident in its strategic direction and expects the sale to proceed without delay, positioning the company for a more sustainable operating model once the transaction is completed.
<small>Source: Variety — read the original story there.</small>
