BBC Studios is taking full ownership of BritBox International, acquiring ITV’s 50 percent share for £255 million.
Launched by BBC Studios and ITV in 2017, BritBox International has reached 3.75 million subscribers and has an enterprise value of around £500 million. As part of the transaction, BBC Studios has extended its licensing agreements with ITV ensuring that programming for BritBox International will continue to represent a wide range of British content.
Tom Fussell, BBC Studios CEO, said: “This is an important acquisition for us. We are taking full ownership of a successful, growing service we know well and that fits with our stated ambition to double the size of our business. Britbox International has British content at its heart and it generates and satisfies demand for British shows outside the UK. We will continue to make significant investments in the future to deliver long term value to the BBC.”
Carolyn McCall, ITV CEO, said: “The sale of 50 percent of BritBox International means ITV is focused on its core strategic goals of continuing to build on ITVX’s success and growing ITV Studios.”
BritBox International will become part of BBC Studios’ Global Media and Streaming division. As a consequence, BritBox global CEO Reemah Sakaan is stepping down.
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