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ITV (ITV)
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- Lemon Quarter
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Re: ITV (ITV)
Still no sign of a dividend here.
I'm giving thought to selling ITV and buying either SSE or Sainsbury or Imperial Brands or a combination.
Any thoughts? (Beyond "thou shalt not sell" - I'm a tinkerer. Get over it.)
I'm giving thought to selling ITV and buying either SSE or Sainsbury or Imperial Brands or a combination.
Any thoughts? (Beyond "thou shalt not sell" - I'm a tinkerer. Get over it.)
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- Lemon Half
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Re: ITV (ITV)
Quite a pleasing set of results out today, which appear to be ahead of market expectations.
https://www.investegate.co.uk/itv-plc/r ... 00085613R/
These are up to end Dec 2020, so clearly impacted by Covid, and not necessarily reflective of what we will see going forward. For many advertising, rather than programme making, is seen as the profit driver. Interesting to see therefore that Q4 2020 was up 3% on Q4 2019, an indicator perhaps of what "normal times" look like at ITV. (The share price then was around 150p against the approx 120p it is now). The Q1 lockdown will have reversed that trend, before Q2 returns to normality - although YoY comparisons will then become "silly" given what happened in 2020!
In the other parts of the business ITV Studios can expect to return to a more normal business of programme making (and selling). Also BritBox is claimed to be ahead of schedule too, with strong growth in subscribers both in the UK and US. No real change in market perception though, unlike in the US where Netflix and Amazon are highly rated on the back of their programming and subscription model, ITV is barely credited with any value in its programming and subscription model.
Happy to hold, and expect the value to be outed via a takeover if the market doesn't adjust as the 2020 numbers fade and the 2021 ones replace them.
https://www.investegate.co.uk/itv-plc/r ... 00085613R/
These are up to end Dec 2020, so clearly impacted by Covid, and not necessarily reflective of what we will see going forward. For many advertising, rather than programme making, is seen as the profit driver. Interesting to see therefore that Q4 2020 was up 3% on Q4 2019, an indicator perhaps of what "normal times" look like at ITV. (The share price then was around 150p against the approx 120p it is now). The Q1 lockdown will have reversed that trend, before Q2 returns to normality - although YoY comparisons will then become "silly" given what happened in 2020!
In the other parts of the business ITV Studios can expect to return to a more normal business of programme making (and selling). Also BritBox is claimed to be ahead of schedule too, with strong growth in subscribers both in the UK and US. No real change in market perception though, unlike in the US where Netflix and Amazon are highly rated on the back of their programming and subscription model, ITV is barely credited with any value in its programming and subscription model.
Happy to hold, and expect the value to be outed via a takeover if the market doesn't adjust as the 2020 numbers fade and the 2021 ones replace them.
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- Lemon Quarter
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Re: ITV (ITV)
dealtn wrote:Happy to hold, and expect the value to be outed via a takeover if the market doesn't adjust as the 2020 numbers fade and the 2021 ones replace them.
No dividend, still.
I agree with your statement. I suspect some American outfit will buy it.
In fact this is the only reason why I haven't dumped ITV.
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- Lemon Half
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Re: ITV (ITV)
absolutezero wrote:dealtn wrote:Happy to hold, and expect the value to be outed via a takeover if the market doesn't adjust as the 2020 numbers fade and the 2021 ones replace them.
No dividend, still.
I view that as a positive. Much happier that funds are held within the company for ongoing investment (such as at Amazon and Netflix, I referenced).
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- Lemon Half
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Re: ITV (ITV)
Q1 Trading Update
https://www.investegate.co.uk/itv-plc-- ... 00075371X/
All very complicated with like-for-like comparisons for 2020 and 2021 now due to Covid. Q1 is slightly up on Q1 last year with both periods having some Covid effects. I would say that is a good performance given that Covid was a relatively new thing last year. Q2 will be pretty meaningless though, with growth expected to be up 60-90%!
BritBox barely mentioned, although on track.
It looks to be a good update, and shares up accordingly. The investment rationale remains in place, and I remain of the opinion a takeover is a possible end game here.
Shares still down on the pre-Covid price so potentially for further accretion in my opinion.
Disclosure - still long ITV
https://www.investegate.co.uk/itv-plc-- ... 00075371X/
All very complicated with like-for-like comparisons for 2020 and 2021 now due to Covid. Q1 is slightly up on Q1 last year with both periods having some Covid effects. I would say that is a good performance given that Covid was a relatively new thing last year. Q2 will be pretty meaningless though, with growth expected to be up 60-90%!
BritBox barely mentioned, although on track.
It looks to be a good update, and shares up accordingly. The investment rationale remains in place, and I remain of the opinion a takeover is a possible end game here.
Shares still down on the pre-Covid price so potentially for further accretion in my opinion.
Disclosure - still long ITV
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- Lemon Quarter
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Re: ITV (ITV)
dealtn wrote:I remain of the opinion a takeover is a possible end game here.
This is my suspicion, though how long do I hold on waiting for that to happen whilst not receiving a dividend?!
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- Lemon Half
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Re: ITV (ITV)
absolutezero wrote:dealtn wrote:I remain of the opinion a takeover is a possible end game here.
This is my suspicion, though how long do I hold on waiting for that to happen whilst not receiving a dividend?!
That's up to you.
It doesn't bother me at all there hasn't been a dividend. The first "missing" dividend should have been paid in May 2020. The shares up up 76% since then. We clearly have different reasons for owning shares if you don't see that as important.
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- Lemon Half
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Re: ITV (ITV)
Half Year report July 2021.
https://www.investegate.co.uk/itv-plc-- ... 00086766G/
"we intend to re-commence a progressive dividend policy based on a notional dividend of 5p per share which we expect to grow over time. The first dividend under the new policy would be a final dividend of 3.3p per share proposed at the full year results in respect of 2021."
Previous feast or famine dividend history.
https://www.investegate.co.uk/itv-plc-- ... 00086766G/
"we intend to re-commence a progressive dividend policy based on a notional dividend of 5p per share which we expect to grow over time. The first dividend under the new policy would be a final dividend of 3.3p per share proposed at the full year results in respect of 2021."
Previous feast or famine dividend history.
Code: Select all
Year End | Interim | Final | Special | Total* | Growth
12/2021 | 0.00p | tbc | - | tbc | tbc
12/2020 | 0.00p | 0.00p | - | 0.00p | -100.00%
12/2019 | 2.60p | 0.00p | - | 2.60p | -67.50%
12/2018 | 2.60p | 5.40p | - | 8.00p | 2.56%
12/2017 | 2.52p | 5.28p | - | 7.80p | 8.33%
12/2016 | 2.40p | 4.80p | 5.00p | 7.20p | 20.00%
12/2015 | 1.90p | 4.10p | 10.00p | 6.00p | 27.66%
12/2014 | 1.40p | 3.30p | 6.25p | 4.70p | 34.29%
12/2013 | 1.10p | 2.40p | 4.00p | 3.50p | 34.62%
12/2012 | 0.80p | 1.80p | 4.00p | 2.60p | 62.50%
12/2011 | 0.40p | 1.20p | - | 1.60p | -
12/2010 | 0.00p | 0.00p | - | 0.00p | -
12/2009 | 0.00p | 0.00p | - | 0.00p | -100.00%
12/2008 | 0.675p | 0.00p | - | 0.68p | -78.41%
12/2007 | 1.35p | 1.80p | - | 3.15p | 0.00%
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- The full Lemon
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Re: ITV (ITV)
ITV plc Q3 Trading Update
https://www.investegate.co.uk/itv-plc-- ... 00058639R/
Carolyn McCall, ITV Chief Executive, said:
"By any standards ITV has had an outstanding nine months. Both our Studios and Media & Entertainment (M&E) businesses have performed very strongly. Revenue from each business over the nine months is up both on last year and on 2019. This drove total external revenue up 28% compared to 2020 and 8% higher than 2019.
"We are becoming an increasingly scaled digital business. Our online viewing was up 39% in the nine months which, together with the roll out of Planet V, helped our video on demand advertising (AVOD) revenue to climb 54%. Our monthly active users (MAUs) now stand at 9.6 million, a 22% increase year on year reflecting the focus on our AVOD strategy.
"With the combination of Broadcast and ITV Hub's mass simultaneous reach, our brand safe addressable advertising product and the strong economy, 2021 looks set to have the highest advertising revenue in ITV's history, despite the lockdown in Q1.
"ITV Studios continues to attract and support brilliant creative talent delivering significant growth in the UK and internationally. It has produced the biggest dramas of the year so far on both the BBC and ITV and revenue from streamers globally is growing very strongly. Like the rest of our business, ITV Studios is embracing new digital processes with more of our productions being managed remotely, utilising tools such as cloud-based editing.
"Today's results further illustrate that ITV has successfully completed the first phase of its More Than TV strategy and is accelerating the second phase of digital transformation as we evolve our products, user experiences and ways of working."
Continued strong financial performance for the nine months to 30 September
● Total external revenue was up 28% at £2,381 million (2020: £1,860 million) and up 8% compared to 2019
○ Total ITV Studios revenue was up 32% at £1,193 million (2020: £905 million) and up 6% compared to 2019[1]
○ M&E revenue was up 26% at £1,594 million (2020: £1,267 million), with total advertising revenue (TAR) up 30% within which total AVOD revenue was up 54%. Total M&E revenue was up 9% compared to 20191 and TAR was up 8% compared to 2019
https://www.investegate.co.uk/itv-plc-- ... 00058639R/
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- Lemon Half
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Re: ITV (ITV)
Q3 Trading Update
https://www.investegate.co.uk/itv-plc-- ... 00058639R/
Most see this solely as an advertising company, not a broadcaster and programme maker.
In that vein the highlights are:-
Total advertising revenue (TAR) for 2021 is expected to be the highest in ITV's history
○ TAR was up 30% for the 9 months to the end of September 2021, with July up 68%, August up 24% and September up 16% compared to the same period in 2020
○ AVOD revenue remains very strong, up 54% to the end of September compared to the same period in 2020
○ Q4 TAR is expected to be up between 11% and 13% against strong comparatives in 2020, with October up 17% and we forecast November to be up around 12% and December to be up between 5% and 10%
"ITV TAR for the full year 2021 is expected to be the highest in ITV's history, up around 24%. This is driven by the re-opening of the economy and the delivery of the Commercial strategy to reinforce the power of mass simultaneous reach and build a strong addressable advertising platform"
Many see traditional broadcast companies as outdated and the future is streaming etc. with Disney, Netflix etc. as the only investable options.
Therefore this may interest
Share of viewing and online viewing growing
○ ITV main channel's share of viewing (SOV) for the 9 months to the end of September was up from 16.6% to 17.0% and ITV Family SOV was up from 22.2% to 22.5% with the Euros, Love Island and dramas such as Manhunt: The Night Stalker and Vera, delivering strong ratings as we continue to provide both mass audiences and key demographics
○ Online viewing was up 39%, with dwell time up 9% and simulcast viewing up 51%
○ ITV total viewing was down 5%, against a tough comparative in 2020 which was driven by the rise in viewing due to the lockdown
● BritBox UK continues to perform well and on plan and has recently launched on Xbox. It has an exciting pipeline of new content including the Irvine Welsh drama, Crime, available shortly and Hotel Portofino, Magpie Murders and Why Didn't They Ask Evans? in 2022
● BritBox International is delivering strong growth in subscriptions across the US, Canada and Australia and successfully launched in South Africa in August with more markets expected in 2022
Importantly
"We are on track to deliver our previously announced £30 million cost saving target for 2021"
I still see the potential for significant rerating of the share price, probably via a takeover. In the meantime share price is up around 13% today on these impressive results, just below their 1 year highs - but plenty of room before the all time highs are in sight.
https://www.investegate.co.uk/itv-plc-- ... 00058639R/
Most see this solely as an advertising company, not a broadcaster and programme maker.
In that vein the highlights are:-
Total advertising revenue (TAR) for 2021 is expected to be the highest in ITV's history
○ TAR was up 30% for the 9 months to the end of September 2021, with July up 68%, August up 24% and September up 16% compared to the same period in 2020
○ AVOD revenue remains very strong, up 54% to the end of September compared to the same period in 2020
○ Q4 TAR is expected to be up between 11% and 13% against strong comparatives in 2020, with October up 17% and we forecast November to be up around 12% and December to be up between 5% and 10%
"ITV TAR for the full year 2021 is expected to be the highest in ITV's history, up around 24%. This is driven by the re-opening of the economy and the delivery of the Commercial strategy to reinforce the power of mass simultaneous reach and build a strong addressable advertising platform"
Many see traditional broadcast companies as outdated and the future is streaming etc. with Disney, Netflix etc. as the only investable options.
Therefore this may interest
Share of viewing and online viewing growing
○ ITV main channel's share of viewing (SOV) for the 9 months to the end of September was up from 16.6% to 17.0% and ITV Family SOV was up from 22.2% to 22.5% with the Euros, Love Island and dramas such as Manhunt: The Night Stalker and Vera, delivering strong ratings as we continue to provide both mass audiences and key demographics
○ Online viewing was up 39%, with dwell time up 9% and simulcast viewing up 51%
○ ITV total viewing was down 5%, against a tough comparative in 2020 which was driven by the rise in viewing due to the lockdown
● BritBox UK continues to perform well and on plan and has recently launched on Xbox. It has an exciting pipeline of new content including the Irvine Welsh drama, Crime, available shortly and Hotel Portofino, Magpie Murders and Why Didn't They Ask Evans? in 2022
● BritBox International is delivering strong growth in subscriptions across the US, Canada and Australia and successfully launched in South Africa in August with more markets expected in 2022
Importantly
"We are on track to deliver our previously announced £30 million cost saving target for 2021"
I still see the potential for significant rerating of the share price, probably via a takeover. In the meantime share price is up around 13% today on these impressive results, just below their 1 year highs - but plenty of room before the all time highs are in sight.
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- The full Lemon
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Re: ITV (ITV)
ITV Studios Investor seminar
https://www.investegate.co.uk/itv-plc-- ... 00050482V/
ITV outlines ambitions over the next five years to 2026 for ITV Studios aligned with key market growth drivers
● Expect total revenues to recover to 2019 levels in 2022. Thereafter we expect total organic revenues to grow by at least 5% on average per annum, which is ahead of the forecasted growth for the global content market
● Margin over the medium term will be 13 to 15% reflecting the changing mix of our revenues as we grow our scripted business and our revenues from streamers
● Double the number of high end scripted hours and increase the proportion of revenues from streamers to around 25%*
● Expand the number of global formats produced in three or more countries to 20*
https://www.investegate.co.uk/itv-plc-- ... 00050482V/
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- Lemon Half
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Re: ITV (ITV)
ITV shares plunge 18% after annual results
https://www.ii.co.uk/secure/my-news-fee ... s-ii523081
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- The full Lemon
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Re: ITV (ITV)
ITV acquires Plimsoll Productions - the world's largest leading independent natural history TV producer.
https://www.investegate.co.uk/itv-plc-- ... 00037220O/
Ian.
ITV plc today announced that it has agreed to acquire a majority interest of 79.5% in Plimsoll Productions, the largest independent producer of natural history programmes in the world and a growing premium factual producer, for a cash consideration of approximately £103.5 million, valuing Plimsoll at an Enterprise Value of £131 million. Founded in Bristol in 2013, the centre of excellence for natural history programming, the Bafta, Emmy and Academy award winning producer has produced hundreds of hours of content which is watched, and sold, in nearly 200 countries.
The producer is behind series including Tiny World and Giant World for Apple+; Hostile Planet and Supernatural Planet for Disney; Night on Earth and Animal for Netflix and the upcoming landmark series, A Year on Planet Earth for ITV, Tencent in China, Fox Nation in the US and Ard Group in Germany.
This acquisition is a further milestone in ITV's strategy of expanding its international content business. It further diversifies ITV Studios production base and will enable ITV to take advantage of the strong demand for content across the ever-popular natural history and factual genres. Plimsoll Productions' has a strong network with all of the global streamers and this acquisition will strengthen and deepen ITV Studios' relationships with the streamers.
https://www.investegate.co.uk/itv-plc-- ... 00037220O/
Ian.
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Re: ITV (ITV)
Competition and Markets Authority Investigation.
https://www.investegate.co.uk/itv-plc-- ... 12492999S/
Ian.
ITV plc ("ITV" or the "Company") notes the announcement today by the UK Competition and Markets Authority ("CMA") that it has opened an investigation into the purchase of freelance services, which support the production and broadcasting of sports content, in the United Kingdom by ITV and other named companies in the sector.
ITV is committed to complying with competition law and is cooperating with the CMA's inquiries. ITV does not propose to comment on this investigation further at this stage.
https://www.investegate.co.uk/itv-plc-- ... 12492999S/
Ian.
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- Lemon Quarter
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Re: ITV (ITV)
idpickering wrote:Competition and Markets Authority Investigation.ITV plc ("ITV" or the "Company") notes the announcement today by the UK Competition and Markets Authority ("CMA") that it has opened an investigation into the purchase of freelance services, which support the production and broadcasting of sports content, in the United Kingdom by ITV and other named companies in the sector.
ITV is committed to complying with competition law and is cooperating with the CMA's inquiries. ITV does not propose to comment on this investigation further at this stage.
https://www.investegate.co.uk/itv-plc-- ... 12492999S/
Ian.
Does anyone understand what "the purchase of freelance services" relates to in this context? I can't find any more detail but there is comparatively little sport on ITV, particularly compared to BT and Sky, that I can't think which "freelance services" it would relate to. Surely not some kind of cartel-like internal market between them for football pundits!
All the best, Si
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- Lemon Half
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Re: ITV (ITV)
There's more sport on 4 than I thought...wrestling, motor sports (both 2 & 4 wheel), football, cycling, horse racing, darts (sport?).
https://www.itv.com/hub/categories/sport
https://www.itv.com/hub/categories/sport
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- The full Lemon
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Re: ITV (ITV)
ITV plc Q3 Trading Update for the 9 months to 30 September 2022.
https://www.investegate.co.uk/itv-plc-- ... 00057479F/
Ian.
Financial and operating performance for the nine months to 30 September as expected
● Total external revenue up 6% at £2,523 million (2021: £2,381 million)
● Total non-advertising revenue up 13% at £1,619 million (2021: £1,432 million), representing over 50% of total revenue, as we continue to grow and diversify the business
ITV Studios
● Total ITV Studios revenue up 16% at £1,387 million (2021: £1,193 million), growing ahead of the market
● ITV Studios delivered a wide range of new and returning programmes and formats in the UK and internationally, including A Spy Among Friends, Hell's Kitchen USA, Let The Right One In and The Voice Germany
ITV Media & Entertainment (M&E)
● M&E revenue was down 2% at £1,561 million (2021: £1,594 million), with total advertising revenue (TAR) down 2%, broadly as expected, against tough comparatives. Against 2019 TAR was up 6%
● Within this digital advertising revenue remains strong, up 13% at £227 million to the end of September, compared to the same period in 2021
● Total M&E non-advertising revenue for the nine months to the end of September 2022 was down 3% with good growth in subscription revenue offset by the expected decline in SDN revenue and interactive revenues against tough comparatives in 2021
● M&E's KPIs demonstrate good strategic progress with total digital revenues up 15% and total streaming hours broadly flat as we prioritise content on our own platforms to drive effective monetisation. Monetisable streaming hours on ITV Hub, ITV Hub+ and BritBox UK were up 10% in the nine months to 30 September 2022. At the same time, we maintained our strength in delivering mass reach with 93% of the top 1,000 commercially broadcast TV programmes and by maintaining our share of commercial viewing on our channels
https://www.investegate.co.uk/itv-plc-- ... 00057479F/
Ian.
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Re: ITV (ITV)
ITVX launch month delivers 55% increase in ITV's streaming viewing and 65% increase in online users.
https://www.investegate.co.uk/itv-plc-- ... 00036044M/
Ian (No position).
ITVX, ITV's new, free, ad-funded streaming service, has enjoyed a strong launch month delivering a 55% increase in ITV's streaming hours in the first month after its launch (8 December 2022 - 7 January 2023) compared to the same period last year.
During the launch month ITV's online users increased by 65% compared to the same period last year. The latter stages of the World Cup were big draws while ITVX's new exclusive content also performed strongly, attracting new and light viewers to ITV.
https://www.investegate.co.uk/itv-plc-- ... 00036044M/
Ian (No position).
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Re: ITV (ITV)
ITV plc Q1 Trading Update for the 3 months to 31 March 2023.
https://www.investegate.co.uk/announcement/7521645
Ian (No holding).
Financial and operating performance for the three months to 31 March as expected
● Total external revenue down 7% at £776 million (2022: £834 million)
ITV Studios
● Total ITV Studios revenue, including the benefit of foreign exchange, was flat at £457 million (2022: £458 million) with the phasing of deliveries in 2023 expected to be weighted to the second half
● ITV Studios delivered a wide range of new and returning programmes and formats in the UK and internationally as it continues to diversify by genre, geography and customer
○ Deliveries in the UK and internationally included Nolly for ITVX, Django for Sky, Big Beasts for AppleTV+ and Queer Eye for Netflix
ITV Media & Entertainment (M&E)
● M&E revenue was down 9% at £495 million (2022: £545 million), with total advertising revenue (TAR) as expected down 10%, better than the wider TV advertising market
● Within this digital advertising revenue was up 30% at £87 million compared to the same period in 2022
● Total M&E non-advertising revenue in the quarter was flat with growth in subscription revenue offset by the expected decline in SDN revenue
● ITVX, our free, ad-funded streaming service, continued to perform strongly. Total digital revenues were up 29% and total streaming hours were up 49% in Q1
● We maintained our strength in delivering mass reach with 93% of the top 1,000 commercially broadcast TV programmes and 34.4% share of commercial viewing on channels
https://www.investegate.co.uk/announcement/7521645
Ian (No holding).
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Re: ITV (ITV)
ITV Announces Investment in PitPat.
https://www.investegate.co.uk/announcement/7538102
Ian (No holding).
ITV today announces that it is investing in pet health and wellness company PitPat and adding the company to its Media for Equity portfolio in its second investment of 2023.
As part of ITV Adventures Invest, its Media for Equity investment fund, ITV has agreed to subscribe for £3 million of shares in Pitpatpet Ltd, with the option to subscribe for a further £1 million of shares, in return for advertising inventory across ITV's channels and ITVX.
PitPat helps pet parents keep their dogs happy, healthy and safe with their subscription-free GPS tracker, award-winning dog activity monitor and perfectly-portioned dog food. The company is disrupting the traditional pet industry worth over $250 billion globally with its innovative technology, unrivalled data and super-personalised services.
ITV's investment will help PitPat build mass market brand awareness by bringing the brand to millions of viewers.
https://www.investegate.co.uk/announcement/7538102
Ian (No holding).
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