In major news on UK stocks, ITV PLC (GB:ITV) surged 15% as it offloaded its 50% stake in BritBox International to BBC Studios for £255 million. The company aims to distribute the entire net sale proceeds of £235 million to its shareholders via share buybacks. The buyback is expected to start following the release of its full-year results for 2023, scheduled for March 7, 2024.
ITV is a media company involved in content production and streaming.
More About the Deal
BritBox International, launched in 2017, is ITV’s joint venture with the BBC and offers an ad-free subscription streaming service, featuring an extensive collection of British content.
As part of this deal, ITV Studios will continue to receive revenue from BritBox, sustaining a consistent income level through new extended licensing contracts for the use of ITV content. Moreover, the deal does not impact BritBox UK, which will continue to showcase BBC…
