BBC Studios buys ITV’s BritBox stake for $322m

Luther

BBC Studios (BBCS) is taking full ownership of streamer BritBox International, acquiring ITV’s 50% share for £255m ($322m).

The deal comes seven years since ITV and BBCS launched the streamer, which claims 3.75 million subscribers and is available in eight countries.

Following BritBox International’s move into BBCS’s Global Media & Streaming division, its global CEO Reemah Sakaan is stepping down following a three-year stint.

The transaction will provide ITV – which has been buffeted by a weak advertising market – with proceeds of around £235m, which will be invested in a share buyback scheme.

The broadcaster said the sale reflected its “strategy of focusing on supercharging its UK advertiser-funded streaming service ITVX” and ITV Studios.

Shetland

As part of the deal, BBCS has extended its licensing agreements with ITV for shows appearing on BritBox International, which is available in the US, Canada, Australia, South Africa, Denmark, Finland, Norway and Sweden.

BBCS outlines ‘significant investments’ in BritBox

The service, which BBCS said has an enterprise value of £550m, offers shows ranging from Archie, Death In Paradise, Father Brown and Line Of Duty to Sherwood, Luther and Shetland.

A UK version of the streamer had also been operated by BBCS and ITV, but the latter acquired the BBC’s 10% stake in 2022 and subsequently rolled it into the commercial broadcaster’s streamer, ITVX.

Tom Fussell, BBC Studios CEO, said: “This is an important acquisition for us. We are taking full ownership of a successful, growing service we know well and that fits with our stated ambition to double the size of our business.

“Britbox International has British content at its heart and it generates and satisfies demand for British shows outside the UK. We will continue to make significant investments in the future to deliver long term value to the BBC.”

Line Of Duty

Carolyn McCall, ITV CEO, said: “The sale of 50% of BritBox International means ITV is focused on its core strategic goals of continuing to build on ITVX’s success and growing ITV Studios.”

BBCS’s Global Media & Streaming arm is run by Rebecca Glashow, who took up the role in 2020. It already houses globally facing site BBC.com, North American factual streamer BBC Select and audio service BBC Podcast Premium.

Glashow described BritBox as “a profitable business and a winning proposition”, adding: “We see tremendous opportunity to grow this unique service and take it to even greater heights for its subscribers, with the full power of the BBC behind it.”