May 3, 2017

Crozier’s tenure at ITV has no fairy tale ending

As Mr Crozier prepares to leave ITV seven years later, investors and analysts will reflect that he has gone a long way to delivering on that ambition. During the 53-year-old Scot's time in charge, ITV has grown its revenues from £2bn in 2010 to £3bn last year and more than doubled its operating profit to £885m. In that period ITV Studios, the broadcaster's production arm, which makes hit programmes such as Cold Feet for its own channels as well as dramas including Poldark for the BBC, nearly trebled its revenues to £1.4bn from £555m and its operating profits from £81m to £243m. But the timing of Mr Crozier's departure comes just as ITV braces itself for another sharp drop in advertising and amid questions over his long-term vision to turn the broadcaster into a major player in the international content business. Even as Rupert Murdoch's 21st Century Fox renewed its interest in European pay TV group Sky and AT&T raced to snap up Time Warner in the US, no bid for ITV materialised. If a takeover is off the table for now, then whoever follows Mr Crozier in the ITV director's chair must find a way of kick-starting a company which, despite the chief executive's best efforts, still relies on advertising to provide half of its revenues. "Adam Crozier has done all he can to turn ITV around," says Alex De Groote, an analyst with Cenkos.

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