ITV Abandons £1bn+ Acquisition of All3Media, Producer of Fleabag and Gogglebox
- Last month, ITV hinted at potential talks amidst media speculation
- ITV will continue to monitor Warner Bros Discovery and Liberty Global
ITV has announced that it will no longer pursue the acquisition of television production company All3Media, according to a statement released on Friday.
Last month, reports emerged suggesting that ITV was considering taking over All3Media, the producer of popular shows such as Fleabag and Gogglebox. The speculated deal was estimated to be worth over £1 billion.
However, ITV has now confirmed that it is no longer actively exploring the potential acquisition. The broadcaster will continue to monitor the Warner Bros Discovery and Liberty Global-owned firm.
All3Media was behind Phoebe Waller-Bridge’s hit BBC comedy drama Fleabag
In its statement, ITV confirmed that it assesses all potential merger and acquisition opportunities based on strict financial criteria and a disciplined capital allocation framework.
Initially, it was believed that ITV planned to merge All3Media with its ITV Studios division to strengthen its production arm.
In 2022, ITV reported a 4% rise in profits to £501 million and a 7% increase in revenue to £4.3 billion. However, advertising revenue, a crucial metric for investors, experienced a slight decrease.
While digital advertising revenue and studio income saw robust growth, many media organizations are currently grappling with a decline in digital advertising revenues due to reduced marketing spend from companies.
ITV has also faced significant departures this year, including presenter Philip Schofield who left This Morning amid revelations of a relationship with a younger colleague. Other high-profile departures during CEO Carolyn McCall’s tenure since 2018 include Jeremy Kyle and Piers Morgan.
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