Sep 1, 2020

B&M to enter FTSE 100 as ITV changes channels

B&M, a discount store chain that has never advertised on television, is set to replace commercial broadcaster ITV in the FTSE 100 index. Covid-19 may have helped power B&M into the FTSE 100, but it also drove a record 43 per cent collapse in demand for ITV's advertising slots, all but ensuring the broadcaster's relegation to the mid-cap index. In an attempt to tap into changing consumer behaviour and reduce its reliance on advertising revenue, ITV has launched streaming service Britbox with the BBC. The broadcaster has also invested in its production arm, which now generates almost 40 per cent of revenues. Its programme-making business has been badly affected by lockdowns, which have disrupted roughly 230 ITV productions. The company's share price has slid by almost 60 per cent since February, and was down more than 4 per cent on Tuesday.

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