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Also worth noting is almost £1billion external revenue for Studios, up 16%. This is in line with prior ‘projects weighted to year end’ comments. TAR down marginally yes but still pulling in a big chunk of money - the cash cow is alive and kicking. I see no reason for a dividend cut.

Looking ahead to the Q3 2025 Trading Update on Thursday 6th Nov…

Q3 consensus based on ITVs eight registered investment analysts shows overall total revenue about same as last year around £2.7billion - coincidentally also about the same as ITVs market cap!!

Https://www.itvplc.com/~/media/Files/I/ITV-PLC-V2/ITV%20PLC%20_%20%20Q3%20Consensus%20as%20at%2017th%20October%202025.pdf

I believe one likely source of revenue surprise will be Zoo 55.

A glance at their showreel is a good reminder of how quickly this has taken off!

Https://www.itvstudios.com/zoo55

Roku beats unexpectedly thanks to strong streaming usage, ad sales and content.

Whilst their shares fell aftermarket this was partly due to hardware device sales and profit taking after a strong run up recently.

The read through is that the market was pleased with the streaming and ad sales numbers - cautious forecasts surprising to the upside.

Https://variety.com/2025/digital/news/roku-q3-2025-earnings-positive-operating-income-1236566074/

An updated top 25 ITV major shareholders panel is now showing on the simplywallst ownership tab (free registration required).

The grey lines on far right show the updated date for each line and most are still as at 1st Oct - so still needs to update at start of Nov before it’s more interesting perhaps.

Liberty says 22 Oct however and is 5% as expected. RWC on top also as expected - until we get the November updates to the whole table…

Still the best / easiest consolidated source for this info.

Https://simplywall.st/stocks/gb/media/lse-itv/itv-shares/ownership

“Media group’s own paper publishes photo of RedBird Capital chair with alleged spy ring chief”

Https://www.theguardian.com/media/2025/oct/29/telegraph-sale-turmoil-china-bidder-redbird-chair-spy-ring

Malone kicks ITV in the nuts then retires.

Https://www.theguardian.com/media/2025/oct/29/cable-cowboy-john-malone-retires-media

Https://uk.finance.yahoo.com/news/meet-71p-uk-stock-7-105900322.html

Https://www.businesspost.ie/uncategorized/matt-cooper-future-for-virgin-media-tv-looks-increasingly-uncertain-as-malone-dumps-itv-stock/

Paywalled but you get the idea…

The knock on implications of Liberty’s actions for Virgin Media TV could be interesting.

Virgin Media O2 (the company that operates Virgin TV, Virgin Broadband, and Virgin Mobile) is a 50/50 joint venture between Liberty Global and Spain’s Telefónica.

Virgin Media and ITV have a long-term commercial partnership (signed Nov 2021) for full integration of ITV’s platforms into Virgin TV, access to ITV channels/streaming, and built-in features like cloud recording, programme start-over etc.

A change in Liberty's ability to influence ITV’s strategic direction and contract negotiations could mean less favourable terms for Virgin Media in future carriage/content deals - or simply less content.

This may actually be the reason Liberty are holding on to 5% of ITV.

It would be interesting to hear what Lutz Schüler, CEO of Virgin Media O2, thinks of recent events.

It’s a good question - but the possibility of Liberty selling their other 5% in 58 days is now in the public domain so you could argue the market has now priced this in - it’s won’t have the shock effect of the first 5%…

Closing back in the 70s (and we got the 1.7p dividend).

Doesn’t seem so bad suddenly .

Good weekend all!!

So ITV didn’t seem to comment on the events this week, something would have been appreciated, but maybe it’s good they rose above ‘secondary activities’…

Anyway, the ITV press office is getting on with business as usual.

Here’s the latest “significant, high-volume deal with NBCUniversal”:

Https://www.itv.com/presscentre/presscentre/presscentre/media-releases/itv-studios-inks-high-volume-non-scripted-deal-nbcuniversal-international-networks

I’ve looked into the arrangements Liberty undertook when stake building ITV.

I looked in their 2015 annual report, and there are 80 references to ITV - mostly talking about the “ITV Collar Loan”.

I will hazard a guess there was possibly a 10 year element to this arrangement which could well be the trigger for their move now. It’s not just about selling their holding it’s also about unwinding their associated derivatives too…

“ITV Collar and Secured Borrowing. The ITV Collar is comprised of (i) purchased put options exercisable by Liberty Global

Incorporated Limited (Liberty Global Limited), our wholly-owned subsidiary, and (ii) written call options exercisable by the

counterparty. The ITV Collar effectively hedges the value of our investment in ITV shares from losses due to market price decreases

below the put option price while retaining a portion of the gains from market price increases up to the call option price. For additional

information regarding our investment in ITV, see note 6.”

https://www.libertyglobal.com/wp-content/uploads/2022/10/US-Annual-Report-2015.pdf

Russ got a link to that? Sounds interesting!

Ownership is shifting.

Includes ‘off book’ trades.

Total market volume / Trading date

658,348,846 / 22 October 2025

https://www.londonstockexchange.com/stock/ITV/itv-plc/company-page

“ITV needs to adjust its set

Dame Carolyn McCall is well aware of the broadcaster’s problems and has done much to correct her predecessor’s failures but more speed is required”

Alistair Osborne

Chief Business Commentator

Wednesday October 22 2025, 10.01pm, The Times

Https://web.archive.org/web/20251023055218/https://www.thetimes.com/business-money/companies/article/22osborne-rmflfxr5x

Not at all, I routinely post everything on both boards not just today.

That’s literally why I use BigEgoADVFN over there to indicate the same source.

Enjoy your day in the sun while it lasts.

Https://otp.tools.investis.com/clients/uk/itv1/rns1/regulatory-story.aspx?cid=2140&newsid=1999058

Gross proceeds from the Placing amount to approximately £135 million

193,365,540 ordinary shares

= 69.81p ?

The unexpected move by Liberty seems to be igniting takeover rumours again. No detail given but interesting they would report this

Https://www.msn.com/en-sg/news/other/us-media-giant-liberty-global-sells-half-its-stake-in-itv-amid-rumours-of-a-takeover/ar-AA1OV7si

RWC Partners Limited

Https://www.redwheel.com/uk/en/institutional/

Congratulations! You are now ITVs largest shareholder :)

(With 8.4% on 1st Oct according to simplywallst)

(Notwithstanding any other institutional increases after the placing…)