ITV profits tumbled by 32% following a tricky 2023 but there were green shoots in a solid performance from the Studios production arm, as the broadcaster reveals it is in the early stages of a “strategic restructuring and efficiency programme.” Delivering its full-year results this morning, the UK’s biggest commercial broadcaster said adjusted EBITDA for the group had fallen 32% to £489M ($622M), with margin at 13% – down 6 percentage points.
Adjusted profit before tax fell by a sharper 41% to £396M. The commissioning team, known as Media & Entertainment, saw EBITDA slide by a whopping 56% to £205M.
ITV said the profit woes are due to “the decline in linear television advertising” and planned investment in streamer ITVX of £464M.
Growth in digital advertising “substantially offset” a 15% decline in linear advertising, according to ITV. Total advertising revenue was down 8% to £1.8B.
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