LONDON, March 01, 2024 – BBC Studios, the BBC’s commercial content studio and media & streaming business, today announced it is taking full ownership of BritBox International, acquiring ITV’s 50% share for a cash consideration of £255 million.
As the world’s biggest distributor of British programmes, the UK’s most awarded production house and the home of the widest-read English language news website, BBC.com, BBC Studios has a proven track record of creating and taking the best British content to audiences around the world. This historic deal brings greater scale and opportunity for both BBC Studios and BritBox International.
Launched by BBC Studios and ITV in 2017, BritBox International is the leading British specialist streaming service, delivering high quality British scripted content, including mystery drama, to passionate fans in North America and select markets. The service has grown subscribers by over 300% in the past four years, surpassing 3.75 million subscribers and has an enterprise value of around £500 million.
As part of the transaction, BBC Studios has extended its licensing agreements with ITV ensuring that programming for BritBox International will continue to represent a wide range of British content.
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 said: “The sale of 50% 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.
Rebecca Glashow, BBC Studios Global Media & Streaming CEO said: “I am thrilled to further our involvement in BritBox International – it’s a profitable business and a winning proposition. We see tremendous opportunity to grow this unique service and take it to even greater heights for its subscribers, with the full power of the BBC behind it.”
Following BritBox International’s move into BBC Studios’ Global Media & Streaming division, its global CEO Reemah Sakaan is stepping down. Sakaan has been an important part of the company since the start, and for the past three years in the role of CEO she has overseen the venture’s accelerated growth and creative success.
Tom Fussell BBC Studios CEO said: “I’d like to thank Reemah for her outstanding contribution to BritBox International, which under her stewardship has seen remarkable year-on-year growth. Her passion and dedication has helped create a great culture and build a business that is loved by audiences and that has real momentum.”
Carolyn McCall, ITV CEO said: “I would like to thank the BritBox International team for making the company such a success and particularly CEO Reemah Sakaan for her leadership, drive and vision.”
New leadership plans are in place to ensure a smooth transition and will be announced imminently.
BritBox International brings the best of British entertainment to international audiences, all in one place. Available in eight countries – the USA, Canada, Australia, South Africa, Denmark, Finland, Norway and Sweden, it offers a world class collection of originals, co-productions, and other popular scripted and live programming. Recent hits include Archie, Death in Paradise, Father Brown, Line of Duty, Sherwood and Shetland.
NOTES TO EDITORS
BBC Studios announced in October 2022 its’ ambition to double the business from financial year 2021/2022 to financial year 2027/2028, having already doubled the business in the five years to March 2022.
BritBox International UK continues to be fully owned by ITV and operated separately to BritBox International.
About BBC Studios
BBC Studios is a commercial subsidiary of the BBC Group with sales of £2.1 billion in 22/23 (2021/22: £1,630 million). Able to take an idea seamlessly from thought to screen and beyond, the business is built on two operating areas: the global Content Studio, which produces, invests and distributes content globally and Global Media & Streaming, with BBC branded channels, services and joint ventures in the UK and internationally. Around 2,500 hours of award-winning British programmes are made by the business every year, with over 80% of total BBC Studios revenues coming from non-BBC customers including Discovery, Apple and Netflix. Its content is internationally recognised across a broad range of genres and specialisms, with brands like Strictly Come Dancing/Dancing with the Stars, Top Gear, the Planet series, Bluey and Doctor Who. BBC.com is BBC Studios’ global digital news platform, offering up-to-the-minute international news, in-depth analysis and features.