BBC Studios has made a groundbreaking transaction by paying £255M ($321M) to acquire ITV’s shareholding in their joint venture streamer, BritBox International. This deal marks the largest single transaction for the BBC’s commercial arm. With ITV confirming the sale of its 50% stake, the proceeds will be returned to shareholders through a share buyback scheme after full-year results are released on March 7. The BBC also confirmed the deal and announced that BritBox International will now become part of the BBC Studios Global Media & Streaming division.
As a result of this acquisition, BritBox CEO Reemah Sakaan will be exiting the business. New leadership plans are already in place to ensure a smooth transition, with the announcement expected imminently. The deal values BritBox International, which boasts nearly four million subscribers in eight territories, at over £500M. This move solidifies BBC Studios’ commitment to expanding its reach in the streaming industry.
It is important to note that BritBox UK, where ITV maintains full ownership, will remain unaffected by this deal. BBC Studios content will continue to be available on BritBox UK through separate long-term agreements. This separation allows for the preservation of existing partnerships and content offerings, ensuring a seamless experience for subscribers.
Tom Fussell, CEO of BBC Studios, expressed the significance of this acquisition by emphasizing the alignment of BritBox International with the company’s growth ambitions. Fussell acknowledged the successful trajectory of the streaming service under Reemah Sakaan’s leadership. Rebecca Glashow, CEO of BBC Studios Global Media & Streaming, echoed these sentiments and highlighted the profitability and potential for growth within BritBox International.
In response to the sale, ITV CEO Carolyn McCall reaffirmed ITV’s strategic focus on ITVX and ITV Studios division. McCall thanked the BritBox International team, particularly CEO Reemah Sakaan, for their contributions to the success of the company. ITV will be redirecting efforts towards the expansion of its own streaming platform and production arm following the transaction.
BBC Studios and ITV originally launched BritBox International in 2017 to cater to the growing demand for British content in North America and other key markets. Over the past four years, the service has experienced exponential growth, with subscriber numbers surpassing 3.8 million. The acquisition by BBC Studios signals a new chapter for BritBox International, with a renewed focus on innovation and continued expansion in the global streaming landscape.
The acquisition of ITV’s stake in BritBox International by BBC Studios marks a significant milestone in the evolution of the streaming service. The change in ownership, coupled with new leadership and strategic priorities, sets the stage for exciting developments and growth opportunities in the realm of British content streaming. As the industry continues to evolve, BritBox International remains poised to capture a larger share of the market and deliver unparalleled entertainment to audiences worldwide.