ITV Reports $4.6 Billion Revenue for 2025 as Sky Sale Talks Continue

Mar 4, 2026 11:25pm PT ITV Reports $4.6 Billion Revenue for 2025 as Sky Sale Talks Continue By Naman Ramachandran Plus Icon Naman Ramachandran Latest Vietnamese Family Drama ‘Scent of Pho’ Sets International Theatrical Release With 3388 Films, Unveils Trailer (EXCLUSIVE) 56 minutes ago Supernatural Reality Competition ‘Battle of Fates’ Breaks Disney+ Korea Record, Sets Global Adaptations (EXCLUSIVE) 7 hours ago Shekhar Kapur, Oliver Jackson-Cohen Among Attachments to Jump Street’s Jewish Australian Screen Fund 2026 Slate; Inaugural Fellowship Launched (EXCLUSIVE) 9 hours ago See All Courtesy of Peacock U.K. media giant ITV has reported full-year 2025 results that the company said came in ahead of current market expectations, driven by a strong performance from its studios arm and accelerating growth at streaming platform ITVX, even as linear advertising revenues declined against a tough 2024 comparative – and as the broadcaster continues talks with Sky over a possible sale of its Media & Entertainment business. Group external revenue rose 1% to £3.511 billion ($4.68 billion) for the twelve months ended Dec. 31, 2025, while total group revenue was broadly flat at £4.121 billion ($5.49 billion). Group adjusted EBITA came in at £534 million ($711.1 million), down just 1% year-on-year, with tight cost management largely absorbing the impact of softer advertising demand. Chief executive Carolyn McCall said the results demonstrate the scale of ITV’s transformation. “ITV delivered a good performance in 2025, ahead of current market expectations and against a challenging market backdrop,” she said. “With a strong digital platform, we have successfully capitalised on growth opportunities, delivered resilient profits and generated good levels of cash.” Popular on Variety McCall added that two-thirds of ITV’s revenues now come from ITV Studios and its digital Media & Entertainment business – a milestone the company had set as a key strategic goal. ITV Studios was the standout performer, posting 10% growth in external revenue to £2.13 billion ($2.84 billion), driven by robust demand from global streaming platforms. The division produces long-running tentpole formats including “Love Island,” “The Voice” and “The Graham Norton Show,” as well as prestige drama – among them “Line of Duty,” “Rivals” for Disney+ and Harlan Coben adaptations “Run Away” and “Fool Me Once” for Netflix. The division also generated double-digit revenue growth in Zoo 55, its content library monetisation unit, through digital distribution. Adjusted EBITA for ITV Studios was £297 million ($395.5 million), down marginally from £299 million ($398.2 million) in 2024, with an adjusted EBITA margin of 13.9% compared to 14.7% the prior year – a shift the company had previously flagged as reflecting changes in revenue mix. ITV Studios produced 325 high-end scripted hours in 2025, up from 296 in 2024, and had 20 formats sold in three or more countries. Some 28% of ITV Studios’ total revenue came from streaming platforms, up from 25%. ITV’s Media & Entertainment division posted total revenue of £1.991 billion ($2.65 billion), down 5%, as a decline in total advertising revenue – which fell 5% for the full year and 6% in the fourth quarter, against a strong 2024 boosted by the Men’s Euros soccer – weighed on results. The total advertising revenue decline came in better than the company’s previous guidance of down 6%. ITVX, however, continued to gain momentum. Total streaming hours reached 2,304 million, up 16%, while monthly active users grew 12% to 16.5 million. Digital advertising revenue rose 12% to £540 million ($719.1 million), and total digital revenue grew 10% to £614 million ($817.7 million). M&E adjusted EBITA was £234 million ($311.6 million), down 6%. The company noted that ITVX has now recouped its entire investment – four years ahead of schedule. ITV confirmed it remains in discussions with Sky regarding a possible sale of its M&E business, following an initial announcement in November 2025. “There can be no certainty as to whether a transaction will take place and an update will be made in due course,” the company said. ITV delivered £63 million ($83.9 million) in permanent non-content cost savings in 2025, along with £15 million ($20 million) in temporary savings in M&E in response to softer advertising demand in the fourth quarter. Since the start of 2019, the company has now delivered a cumulative £253 million ($336.9 million) in permanent cost savings. Statutory profit before tax fell 35% to £338 million ($450.1 million), and statutory EPS declined 43% to 5.9p, with the prior year having included £194 million ($258.3 million) from the profit on sale of BritBox International. Adjusted EPS was down 11% to 8.5p. Net debt at year-end stood at £566 million ($753.7 million), representing a leverage ratio of 1.0 times adjusted EBITDA. The board has proposed a full-year ordinary dividend of 5.0p per share, bringing the total dividend payout for the year to approximately £190 million ($253 million), in line with ITV’s dividend policy. ITV Studios is on track for another year of good total revenue growth in 2026, with full-year adjusted EBITA margin expected at the lower end of the 13% to 15% range. Revenue and profit are expected to be weighted toward the second half, due to the phasing of scripted deliveries and high-margin licensing deals. On advertising, Q1 2026 total advertising revenue is forecast to be down approximately 2%, better than previously anticipated, with advertisers holding back budgets to spend in Q2 and Q3 around the expanded Men’s Football (soccer) World Cup. ITV holds the rights to 19 more World Cup matches than it broadcast in 2022, with more matches at peak times, and is also the only commercial broadcaster in the UK with rights to every England Men’s rugby match. Total content spend in 2026 is expected to be approximately £1.225 billion ($1.63 billion), and ITV plans to deliver a further £20 million ($26.6 million) in permanent non-content cost savings. 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