Last checked at 5 Mar 2012 07:00
STV Group plc
5 March 2012
STV, ITV and UTV agree new Channel 3 networking agreements
STV today announces it has reached a comprehensive agreement with ITV on new networking arrangements, through which STV will become an affiliate of the Channel 3 Network. The implementation of this new agreement is subject to regulatory approval and details of the new arrangements have been submitted to Ofcom. If approved, the settlement balance of £10.8m payable by STV to ITV plc over 18 months will be made from programme stock and cash.
STV is confident that the new arrangements will deliver sustainable cost-sharing arrangements for the Network and enable the continued delivery of high quality commercially sustainable public service broadcast services into the next licence period.
Rob Woodward, CEO of STV said: "Today's announcement confirms the stability and certainty of long term, commercially sustainable networking arrangements between the Channel 3 licence holders. STV remains 100% committed to its public service broadcasting credentials, to delivering a distinct schedule for Scotland and to providing a platform for informed debate. We are delighted to have reached agreement on a set of terms which will benefit our viewers and consumers across all distribution platforms."
Adam Crozier, Chief Executive of ITV plc, said: "We look forward to continuing our positive relationship with STV under a new affiliate agreement."This agreement, which is still subject to regulatory approval, represents a major milestone for us as it consolidates and simplifies the ITV Network."
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