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DCD Media slumps as ITV axes Celebrity Squares

ITV has decided not to commission a third series of prime time gameshow Celebrity Squares.
DCD Media slumps as Celebrity Squares is cancelled by ITV
The show is hosted by Warwick Davis

Television production company DCD Media (LON:DCD) has confirmed there will be no third series of Celebrity Squares after ITV (LON:ITV) axed the show.

The TV broadcaster has decided not to commission a third series of the programme, which DCD said would impact its revenue in 2016.

The trading performance for this year remains on course, the company said, but “challenging trading conditions” are affecting commissions and will likely impact earnings in 2016.

DCD added, however, that it is encouraged by a “strong pipeline of opportunities in the production division”.

Additionally, the company’s majority shareholder, Timeweave - which owns 61% of the company - is owed £432,000 with a VAT payment of £152,000 for directors’ and accounting services.

DCD said it will likely again need to issue further convertible loan notes to Timeweave in lieu of the payment, like it did in 2014.

Shares dropped 31% to 250p today on the news.

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