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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"The challenges of manufacturing and distributing sufficient quantities of a vaccine are substantial. In the meantime, the virus will evolve," cautioned Andrew Boyle, the CEO at corporate finance firm, LGB
CEO Carolyn McCall said: “we need an on-demand business which will increasingly be the focus of our new investments in content and technology and which will be our growth engine attracting younger and more targeted audiences”
The bank said it expected ITV to report a 13% decline in revenues for its third quarter in an update scheduled for November 12
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Britain's blue-chip benchmark finished the day down over 45 points, or 0.75%, to 5,999
The firm has invested in a joint venture to launch its BritBox service in Australia, as well as into the owner of data infrastructure firm InfoSum
"The one advantage TV advertising has is that it can deliver a mass-market audience to a brand over a wide media. I don’t think that’s going to disappear in a hurry", said Shore Capital analyst Roddy Davidson
The broadcaster reported a “significant decline in the demand for advertising” in the first half of 2020 as the coronavirus pandemic pushed firms to cut back on marketing spending
TV has fared better than print media and has enough content and digital avenues to maintain their share of the advertising pie in future, analysts said
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FTSE 100 index started the week well, closing Monday over 135 points higher at 6,032
The TV network has also identified more cost-cutting measures as demand for advertising is plummeting
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Investors can also expect trading updates from insurer Direct Line and grocery group Ocado
The reality show was going to air this summer but it will not be feasible in respect of safety measures
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The coming week will also include the Bank of England's latest interest rate decision, US jobs data, as well as updates from Trainline, Superdry and InterContinental Hotels
“We believe most media company’s business models will survive the coronavirus crisis and balance sheets will not be materially stretched beyond available liquidity or existing covenants,” the analysts said
The broadcaster has also introduced a recruitment and salary freeze across the entire company
Cancelling the 2019 dividend of 5.4p and withdrawing the previously announced intention for an 8p payout for 2020 will keep £300mln of cash in the business
The broadcaster had been due to show 19 matches in the June tournament, however, it stressed that the postponement will cause “no loss of sponsorship revenue"
While the production arm ITV Studios has reported growth, the competition remains fierce and consumer spending may worsen
Advertising revenue is expected to drop 10% in April from a 2% rise in the quarter to March
A busy Thursday will bring updates from ITV, Aviva, Admiral, Intu, and Domino's.
