During an earnings call, ITV CEO Carolyn McCall highlighted the company's robust growth in its production division, ITV Studios, which has seen record profits. Despite ongoing speculation about mergers and industry consolidation, McCall emphasized the strength and diversification of their business strategy, stating they have grown by about 35% since 2018. The success is attributed to acquiring strong production labels and nurturing talent. She refrained from discussing potential merger talks while affirming their resilience amidst a challenging market with recent strikes and changing demand from broadcasters.
We've got a really high-quality business. We already have scale, and we're very diversified. There's been a lot of speculation, but I think you'd expect that speculation.
We bought really good labels. We've backed fantastic talent, ... and it's really paying off as a strategy.
ITV Studios has delivered record profits this year, despite the one-off impact of the writers and actors strike and a softer demand from free-to-air broadcasters.
The consensus, whether in the U.S., the U.K. or Europe, is that there will be more consolidation. We are holding our own.
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