Hey AI, why do you say ‘ Net debt to rise as ITV spend the £235m proceeds from the 50% disposal of Britbox on share buy backs
?
There is no relationship between these 2 things yeah?
The buyback is fully funded by the sale proceeds of britbox- no debt increase.
And itv has a great debt to asset ratio - their net debt is in a falling arc as can be seen on sites that track this over time.
Debt is NOT a concern here.
Classic case of diamond hands required I think if multiple co’s want a piece of this pie - let it play out before taking the first offer
To the Moon!
Hans |
 What a crazy post from loginname.
The current market cap of ITV is £2.81b
The markets hold the view that the linear TV side of ITV is pretty much worthless (Its in decline and that decline is gathering pace all the time)
ITVX is still very much in the early stages of growth. Given time this could be very valuable but considering the streamers they are competing with (Netflix, Disney, Amazon etc) theres probably not a lot of value given to ITVX at present given it's going to take continued investment to get there.
The value in ITV is the studios. It's value is probably around £2.2B (I'm lazy so £2.2B will do for me right now)
Any takeover for the whole of ITV would have to be at a premium to the current share price to entice the large investors to put a deal through. Nobody wants the linear part of ITV because its in decline and this is where the problems lie. (Every single takeover article mentions studios but never the linear side!)
Then you have ITV Studios tied at the hip to ITV.
In the 6 months to June 2024 ITV studios total revenue was £869m. £301m of that was sales to ITV Media and entertainment with just £568m external revenue.
I've read reports recently of production costs soaring and ad revenues collapsing. I don't believe ad revenues are totally collapsing but I do think the combination of the above will ensure overall revenues are under pressure in H1 2025 as UK PLC tightens its reins in response to the payroll tax increases (Which start in April) forced on business by this terrible labour government.
You can see ITV are cutting costs further (Only last week it was in the news of cuts to the main soap characters on both Corrie and Emmerdale)
Any potential merger could be like Vodafone and Three.
Not a merger of strength but a merger of weakness as both production companies struggle to control costs and maintain growth in the face of US streamers and their far higher budgets as well as an uncertain economic backdrop. Cost synergies will be the main benefit but any merger won't come at a premium to its book value.
Net debt to rise as ITV spend the £235m proceeds from the 50% disposal of Britbox on share buy backs (Although debt isnt a problem here its gonna headline in the next set of results)
2025 - No Euros footy, no world cup footy, no mens rugby world cup either.
It's gonna be just a very ordinary year at best for ITV.
GLA. |
Goldfinger have you any news ? Thank you in advance |
Net - “ But what would ITVx / ITV be worth without its studios?”
But it wouldn’t be without it would it? Financially at least.
If ITV Studios was no longer ‘legally’; part of ITV Group plc by way of being part of a new separate legal entity - ITV Group plc would still own a share of it (50%, 60% who knows).
It is this asset / investment that maintains (or increases we hope) the value of ITV Group overall.
A separate stock market listing of “ITVSA3M plc” (you heard it here first!) with a market cap of eg £4bn (???) would instantly give ITV Group an asset on the balance sheet of eg £2bn - £2.4bn This ITVS value realisation has not been achieved before. This simplistic guestimate spread over the 3.8bn ITV.L shares in issue would mean anything from eg 52p to 64p per share realised.
Or looking at it another way to takeout ITV Group BEFORE this happens would require Friday’s 74p + 52p to 64p or £1.26 to £1.38 a share.
“ITVSA3M plc” (!) could be valued at less than £4bn - so repeat with your own guesstimate. :)
“BANITV plc” (!) could still spoil the party with a higher bid for the whole ITV Group.
Pick a side then ITVSA3M or BANITV. |
Hollywood is running out of original film plots, and studios production of 30 to 60 minutes, are no exception. I prefer to see original films from all over the world, instead of rehashed plots and sequels.
With ITV, having their own studios, costs can be adjusted as necessary. If the studios are sold then ITV, does not control their destiny, someone else does.
In any case the best solution in my opinion, for the UK entertainment industry, is a merger between, ITV, BBC, CHA4, and CHA5, to help keep jobs here in the UK, and be a strong contender for Hollywood, and other paid for subscription streamers. |
netcurtains. I expect our two largest shareholders - Liberty Global and Silchester - have strong views on dismemberment of the business. I still think it likely ITV are exploring the merger avenue to flush out interest for the whole business. But an auction of the Studios business with multiple interested parties could see a very good price achieved and well above the current market cap of the whole business. |
But want would ITVx / ITV be worth without its studios? Just another channel 4.
I cant see how this will work... Once we get the "dividend" ITV share price will collapse and we'll be no better off..
Surely the price has to be for the whole group
OR
the price for the studios has to match the current price of ITV as a whole ( more or less). |
The FT has to be the most respected news source joining the story so far.
At this point I would suggest ITV Studios is firmly in play and the chance of Banijay trying to scupper a deal with All3Media is high - otherwise Banijay would drop to 2nd place in terms of European production revenue size (as per Deadline article table).
If ITVS and A3M merge - the combined #1 production entity would probably be too big for Banijay to buy it - so this is potentially their last chance to stay on top. |
Thanks loginname!
Yes, the headline gave the impression there was more to the story. |
For a little Sunday breakfast reading - here’s the inside story of the sale of All3Media and Banijays failure to secure it. |
Huckers - not much new apart from “Banijay are monitoring the situation!” - exactly what is required for a strategically blocking counter-action :)
ITV investors back M&A talks as rivals circle
London-listed broadcaster could sell studio arm to unleash value
Major shareholders in ITV support management efforts to explore a potential deal for its production arm, with rival studios and private equity now circling one of Europe’s largest TV studios.
ITV has held early talks with RedBird IMI, the Abu Dhabi-backed investment group that last year acquired UK rival All3Media for more than £1.1bn, according to several people familiar with the situation.
A merger of ITV Studios with All3Media could create a production group worth more than £3bn, bringing together the UK studios responsible for shows from Love Island to Traitors and Rivals, and giving negotiating power at a time when many streamers and broadcasters are tightening their budgets.
While the two sides had held conversations, the people added, these were at an early stage with no certainty of any progression or deal. RedBird IMI — whose New York-based boss, Jeff Zucker, was in London in late January — is the Abu Dhabi-backed investment vehicle that the UK government blocked last year from owning the Daily Telegraph.
Meanwhile, a number of other potential suitors are looking at ITV Studios, the people said, including private equity groups CVC and Blackstone. Rivals such as Banijay, one of Europe’s largest production groups, were also monitoring the situation, two people said.
Blackstone, CVC and Banijay all declined to comment. |
There is a story in today’s FT. It’s behind a paywall so this is all I can see. Can anyone with access share what’s in it, please?
“ITV investors back M&A talks as rivals circle
London-listed broadcaster could sell studio arm to unleash value.” |
UK FILM AND HIGH-END TV PRODUCTION HIT £5.6BN IN 2024 ( Up 31% )
08 February 2025
Film and high-end TV production spending in the UK stood at £5.6bn in 2024 according to official figures from the BFI’s Research and Statistics Unit.
The figure represents a 31% increase over 2023, a year that was heavily affected by the writer and actor strikes. |
Mullholland drive is a work of genius.
spud |
Watched The Producers, and Evita, last night on ITVX Premium. It was funny, entertaining, and somewhat historical information....... BRILLIANT. It peaked my curiousity, and had to check out Evita Peron on the internet.
Once someone has experienced paid film choice access, ordinary tv schedules seem fit for mainly morons. In my opinion only 40% of normal tv is worth watching.
More major film studios see the necessity of collaboration, with the likes of ITVX, to avoid future take-over targeting of themselves.( back film catalogue library, is likely to be worth more than gold in the future.)
Watched Mulholland Drive film twice recently as I wanted to understand the film more, which you cannot do on normal tv. With no adverts, can pause, fast forward, can replay, or watch another day. That's what I call tv viewing freedom! |
Don't expect any big falls in the USA until the huge investors start to sell. But when they do, it will catch small investors out as it always has done.
Netflix are in a bubble, when it pops which may be this year, small US investors and their 401's will collapse.
Toptoptrader, see how bullish you are going into 2026? |
Toptop....why don't you just sell all your ITV if you own any and buy Netflix. At over $1000 US they look a bargain, how can anyone with an ounce of acumen fail to see Netflix are a bubble. Take a tip from Warren Buffet, we will see who isn't wearing bathers when the tide goes out!!!
My view on Netflix is it is so highly overvalued when the NASDAQ wobbles, like in the Dot Com days Netflix and many others will fall 50% in days. Amazon just reported a downturn so the signs are there.
Toptop, Netflix are offering very little for their new monthly fees, the US is being run by a moron surrounded by criminals...the penny will drop soon and a lot of tears will be shed.
Great to see TESLA sales down in every country, Musk another fraud and sub human being. |
Here we go again. Toptit banging on about netflix on the itv bb. Yawn 🥱
spud |
High tight flag on the chart. Very bullish.
hxxps://traderlion.com/technical-analysis/high-tight-flag-pattern/ |
netflix up 10% since robwt told us it wasnt doing very well despite being up 4 fold since ukraine and posting record revenuesthat 10% rise a mere 50% increase on the post ukraine price, meanwhile itv is up 5p over the same period with a 300m buybackhow is itv doing robwt given netflix is now up 5 fold? |
American IdiotI see you have fallen foul of the ITV echo chamber and have been filtered for making a post that does not include the key phrases, undervalued, takeover imminent or rerate due. |
I don't think your mum will thank you for sharing your story about her on here, marksp!
spud |
ITV to show LIV Golf in shock free-to-air dealSaudi-backed series will be the only live golf available on non-subscription television in the UK |
Can’t even compliment a woman these days without getting reported. |
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