May 3, 2017

ITV: no drama

After seven years in charge at UK television broadcaster ITV, chief executive Adam Crozier has chosen that wager. Long-serving chief financial officer Ian Griffiths will take over; Sir Peter Bazalgette will temporarily move up to executive chairman until a new chief executive is found. Operating earnings barely covered the interest payments; earnings tower over interest charges by 30 times. Even with tough comparisons to last year, given sporting events such as the football European Championship, ITV's forecast 6 per cent drop in net advertising revenue for the first third of 2017 hints at tougher times ahead. Talk of buying interest from companies such as Liberty Global has gone cold. A whale in British commercial television's sea, ITV's dominance will hold yet.

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