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STV Boss Simon Pitts Exiting After Six Years
05.03.2024 - 11:53 / deadline.com
STV boss Simon Pitts is exiting the business after six years.
Pitts has led the Scottish broadcaster-producer since 2018, during what has been a tricky period beset by the Covid-19 pandemic and ad recession. He has, nonetheless, delivered growth and seen a boost in production arm STV Studios, which is now making big budget shows such as Apple TV+’s Criminal Record.
He will take up a new role in a year’s time and remain with the Scottish outfit until then while the board appoints a successor.
“Simon has been an outstanding leader of STV over the past six years,” said Chairman Paul Reynolds. “As the architect of our diversification strategy, he has successfully led the transformation of STV from a linear broadcaster into a resilient content creation and digital streaming business with an exciting future.”
Pitts added: “With STV’s latest diversification targets fully achieved, now is the right time to plan a smooth and orderly succession. Our leadership team is very strong, our strategy is clear and it’s delivering. Our STV colleagues are doing a fantastic job producing world class programmes, news and digital & commercial products every day of the year, staying ahead of the competition and creating strong foundations for the future.”
The announcement was made as STV unveiled its full-year results, showing a turnover boost of 22% to £168.4M ($212M) but adjusted operating profit declines of 22% to £20.1M. The year experienced tricky economic headwinds, with the ad market badly impacted, and total advertising revenue was down 12% to below £100M. Broadcasters in England have also been feeling the pinch, with Channel 4 laying off around 250 and ITV selling BritBox International and implementing a recruitment freeze. “Our
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