ITV has exited its international streaming service with the BBC after selling its 50 per cent stake to BBC Studios for £255 million.
Launched by BBC Studios and ITV in 2017, BritBox International is available in North America and select markets.
The service has grown subscribers by over 300 per cent in the past four years, surpassing 3.75 million subscribers and has an enterprise value of around £500 million, said BBC Studios.
Speaking about the deal, Tom Fussell, BBC Studios CEO said: “This is an important acquisition for us. We are taking full ownership of a successful, growing service we know well and that fits with our stated ambition to double the size of our business. BritBox International has British content at its heart and it generates and satisfies demand for British shows outside the UK. We will continue to make significant investments in the future to deliver long term value to the BBC.”
Carolyn McCall, ITV CEO added: “The sale of 50 per cent of BritBox International means ITV is focused on its core strategic goals of continuing to build on ITVX’s success and growing ITV Studios.”
BritBox International will become part of BBC Studios’ Global Media and Streaming division, complementing its expanding portfolio of digital and direct-to-consumer services that includes BBC.com, BBC Select, the BBC’s premium ad-free documentary streaming service in North America and BBC Podcast Premium, an audio service available in more than 160 countries.
Following the streamer’s move into BBC Studios’ Global Media & Streaming division, global CEO Reemah Sakaan will step down. Sakaan has been an important part of the company since the start, and for the past three years in the role of CEO has overseen the venture’s accelerated growth and creative success.
New leadership plans are in place to ensure a smooth transition and will be announced imminently, said BBC Studios.
