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ITV Profits Up 40% But Studios Hit By U.S. Strikes
ITV Results: profits are up 40% but Studios was hit by U.S. strikes
Within ITV Studios, the production giant that just announced it was buying Sherlock producer Hartswood Films and selling its share in Blumhouse TV, turnover was down 13%, however, impacted by the 2023 U.S. writers’ and actors’ strikes. Profits were up by around 5%, according to the just-released H1 results, and ITV said that over the full year the studios arm is “expected to deliver record profits driven by an increase in higher margin catalogue sales, and continued action to drive efficiencies.” McCall added: “ITV Studios is performing well despite the expected market backdrop and is forecast to deliver record adjusted EBITA over the full year as a result of its scale, its diversification by product, geography and customer, its outstanding creative output and the actions we are taking to drive efficiencies.”
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