Paramount+‘s international ad-tier plans are coming together.
01.03.2024 - 07:41 / deadline.com
BBC Studios has paid £255M ($321M) to acquire ITV‘s shareholding in their joint venture streamer, BritBox International — the biggest ever single transaction for the BBC’s commercial wing.
In a regulatory note confirming the sale this morning, ITV confirmed it had sold its 50%, with the proceeds set to return to shareholders through a share buyback scheme that will launch after full-year results are posted on March 7. The BBC subsequently confirmed the deal in a separate statement.
BritBox CEO Reman Sakaan will exit the business, which will join the BBC Studios Global Media & Streaming division alongside the likes of BBC.com, BBC Select and BBC Podcast Premium. The BBC said new leaderships plans are “in place to ensure a smooth transition” and will be announced “imminently.”
The deal values BritBox International, which has nearly four million subscribers in eight territories, at over £500M. We understand the deal is the biggest deal BBC Studios has ever struck.
BritBox UK, in which ITV owns 100% of the shares, is unaffected by the deal. BBC Studios content will remain on that service as part of separate long-term agreements.
Tom Fussell, BBC Studios CEO, added: “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.
“I’d like to thank Reemah for her outstanding contribution to BritBox International, which under her stewardship has seen remarkable year-on-year
Paramount+‘s international ad-tier plans are coming together.
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Naman Ramachandran BBC Studios has bought British broadcaster ITV‘s 50% stake in streamer BritBox International for £255 million ($322 million), the companies revealed on Friday. The streamer was founded in 2017 as a joint venture between BBC Studios, which is the commercial arm of the British broadcaster, and ITV. “The transaction will provide net proceeds including loan repayments and accrued dividends and after tax of around £235 million,” the companies said.
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