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As I've mentioned before, this is not how TV advertising works. The share deals are based on delivering ratings across the year; the sponsorship will have been taken into account at the beginning of the year, as well as some of the ad spots. ITV have actually struggled with ratings so it balances out.
This is the spanner in the works as the result would be the closure of regional indie agencies and the Leeds HQ - this goes against the 'levelling up' mantra set out by the government, hence why if anyone buys them they would either have to stick to this arrangement.
I worked at Discovery - 5 years ago they were closed to C5 and would have been interested in C4. As I said for them its all about SVOD and Discovery soon to be WarnerDiscovery a SVOD powerhouse designed to compete with Netflix and Disney +. This is where the money is I'm afraid. Not a fair to middling linear TV channel and production arm
Discovery have launched Discovery + Direct to consumer. This is the direction they and the majority of innovative media brand are heading not advertiser funded linear TV channels. Also they are in the throws of merging with Time Warner to expand their SVOD offering by merging HBO alongside DIscovery.
The Ofcom code on the scheduling of television advertising sets a limit of 12 minutes for ad breaks on any channel, while public service channels like Channel 4 must not show ad breaks longer than an average of eight minutes per hour between 6pm and 11pm.
Programme trailers (promotional airtime for other shows and channels e.g ITV2 are not included )
'spoiler' its not ITV
https://www.theverge.com/2021/10/7/22714076/sky-glass-tv-streaming-service-uk-pricing-release-date