Company
LON:ITV
ITV PLC is a United Kingdom-based advertising funded broadcaster. The Company also operates as an advertising funded media owner in the United Kingdom across all media, including television, radio, press, cinema, outdoor and the Internet. As a producer, ITV makes hours of network television. Its digital channels include ITV2, ITV3, ITV4 and Citv. ITV also makes programmes for the BBC, Channel 4, five, Sky and other broadcasters. ITV produces programmes watched on screens from San Francisco to Sydney. In addition, it produces a range of products related to ITV programmes, such as digital video disks (DVDs) and computer games. Its online properties include itv.com and itvlocal.com.
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Liberum noted that the US bank’s downgrade of ITV to ‘underperform’ from 'buy', came in a European broadcasting review talking about the decline of linear TV hitting the sector
The US bank's analysts said key drivers in its cautious view are a quicker linear sector decline, with TV losing advertising market share, leading broadcasters to increase their investments in online and diversification
Liberum's analysts said they believe such a deal between ITV and Sky would lead to a material – around 15% plus - uplift to the FTSE 100-listed broadcasters' consensus earnings
The broadcaster's content library means it has a bundle of assets that could place it in high demand as competition drives consolidation in the media and telecoms markets
The broadcaster said its total advertising revenue was up 2% in the nine months, driven by 43% growth in online revenues, and its total ITV Studios revenues increased by 10%
The UK's premier benchmark index finished over 76 points higher, or 1.09%, at 7,117
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The latest interest rate decision from the Fed will be vying for attention as markets digest the results from Tuesday's midterm elections
Analysts at Liberum said ITV’s reference to Chris Kennedy as a “key player” in selling ARM to Softbank may be a flag that the broadcaster is open to a sale
Chris Kennedy worked alongside ITV boss Carolyn McCall at easyJet where he was chief financial officer from 2010 to 2015
FTSE 100 closed marginally higher but mid-cap cousin FTSE 250 plunged nearly ten points.
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Aside from the US elections and Fed policy meeting, updates from UK blue-chip retailers J Sainsbury, Wm Morrison Supermarkets and Marks & Spencer should draw the most attention in the coming week
At the close, the UK blue chip index was 41.12 points higher at 7,004.10, the session peak, and well above the early low of 6,995.99
Analysts noted that media buyers are indicating that ITV’s net advertising revenue (NAR) has fallen by around 7% year-on-year as demand from supermarkets, High Street retailers and telcoms remains weak, offsetting growth in digital advertis
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The day ahead includes third quarter trading updates from Lloyds and WPP along with full year results from Debenhams and the ECB's policy decision.
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Aside from the banking trio, updates are also due in the week ahead from the likes of WPP, Whitbread, International Airlines Group, Ryanair, Glencore and Antofagasta
UBS quarterly tracker indicates that audience trends have continued to weaken
The UK blue-chip benchmark finished down over 27 points at 7,026, while the FTSE 250 closed down over 52 points at 18,961.
Liberum said ITV could use the proceeds of the disposal to reduce debt, return cash back to shareholders, support mergers and acquisitions, for investments
Endemol Shine has been put up for sale by owners private equity firm Apollo and Twenty-First Century Fox
Investments and investor services
Mid-cap cousin FTSE 250 also closed in positive territory - up around 35 points to stand at 20,300
