Nov 14, 2017
ITV shares hit by content division’s ‘weak’ performance
Shares in ITV fell as much as 7 per cent on Tuesday as the UK's biggest private broadcaster reported falling advertising revenues, slower growth than expected in its content production business and increased property costs. Investors initially sent shares up 4 per cent but they reversed course, sending the stock down by as much as 7.3 per cent before settling 2 per cent lower at 151p in mid-afternoon trading. ITV has suffered as fast-moving consumer goods groups such as Unilever and Procter & Gamble cut their advertising budgets, and as the broadcaster comes under increasing pressure from content streaming services like Amazon and Netflix. ITV reported 3 per cent growth at ITV Studios, the in-house production arm in which it has invested heavily to deal with the long-term decline in advertising. ITV, which is awaiting the arrival of Dame Carolyn McCall, former head of EasyJet, as its new chief executive, also announced that its property costs were set to rise by £10m a year.
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