BBC Studios Buys ITV Out Of Joint Streamer BritBox International For $321M
deadline.comBBC Studios has paid £255M ($321M) to acquire ITV‘s shareholding in their joint venture streamer, BritBox International — the biggest ever single transaction for the BBC’s commercial wing.
In a regulatory note confirming the sale this morning, ITV confirmed it had sold its 50%, with the proceeds set to return to shareholders through a share buyback scheme that will launch after full-year results are posted on March 7.
The BBC subsequently confirmed the deal in a separate statement. BritBox CEO Reman Sakaan will exit the business, which will join the BBC Studios Global Media & Streaming division alongside the likes of BBC.com, BBC Select and BBC Podcast Premium.
The BBC said new leaderships plans are “in place to ensure a smooth transition” and will be announced “imminently.” The deal values BritBox International, which has nearly four million subscribers in eight territories, at over £500M.
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