ITV Slashes Content Spend Amid Ad Slump, Sale to Sky Proceeds

ITV is implementing "temporary" cost-saving measures, including a £25 million ($33.4 million) reduction in fourth-quarter content spend, due to a significant slump in advertising revenue. The broadcaster reported an 8 percent drop in Q3 ad revenue, with total advertising revenue expected to decline 5-10% for the fourth quarter and 2-3% for the full year 2026, citing "weaker demand for advertising."

Despite these financial pressures, ITV CEO Carolyn McCall stated that the planned $2.13 billion sale of its Media & Entertainment business, encompassing its channels and ITVX streamer, to Comcast's Sky is "progressing as planned." The deal, which is currently under regulatory review, would see Sky acquire ITV's broadcast channels and streaming service, leaving ITV to focus on its production arm.