Shares in ITV PLC (LSE:ITV) jumped 16% after it said it had sold its half share of the BritBox streaming service to BBC Studios for £255 million with the proceeds used to fund a share buyback programme.
Announcing the disposal, the broadcaster said the move would allow it to focus on enhancing its domestic streaming platform, ITVX, and expand its global Studios division.
After accounting for loan repayments and tax, the deal will net £235 million.
ITV stock, off 27% in the last year, was up 8.02p at 63.96p in morning trade.
Under the terms of the transaction, ITV will maintain a revenue inflow from BritBox thanks to new extended licensing agreements.
“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,” said ITV CEO Carlyn McCall.
[https://www.proactiveinvestors.co.uk/companies/news/1042174/itv-shares-jump-16-after-it-sells-britbox-stake-for-250m-1042174.html](https://www.proactiveinvestors.co.uk/companies/news/1042174/itv-shares-jump-16-after-it-sells-britbox-stake-for-250m-1042174.html)
