When Dame Carolyn McCall took over ITV in 2017, the Daily Mail crowned her “Queen of the FTSE” after her success at easyJet. Nearly nine years later, she admits it has been her toughest role. ITV’s share price has fallen by more than half since she arrived, amid a brutal reshaping of the global TV industry.
Streaming giants like Netflix and YouTube have stolen audience share from traditional broadcasters. Last year, YouTube accounted for 15% of overall viewing and Netflix 9%, both up 1 point, while ITV’s share dropped to 11%, down 1 point. Advertising revenue fell 5%. McCall blames macroeconomic pressures, including the cost-of-living crisis and reduced business confidence.
In a major restructuring, Sky is set to acquire ITV’s broadcast division, including all linear channels, the ITVX platform, and stakes in ITN and local news, leaving behind ITV Studios. McCall calls it a historic transaction, though a two-phase competition review could take a year. She hopes regulators will recognize that old-style broadcasters can no longer be judged in isolation from global streamers.
Source: Financial Times Companies · Summarized by HeadlinesBriefing