Analysts at the media consultancy Enders Analysis have said that a possible ITV restructuring would be “largely based on the release of overlooked value, if the constituted parts were judged on their own merits”.
In a note released this month, they said: “This latent value would have to more than compensate any lost benefit that ITV receives from the current integration of Studios.
“This is not insubstantial: over 60 per cent of ITV viewing is of ITV Studios and Sports content and about half of ITV’s content budget crosses to Studios, a proportion which has grown over the past decade.
“In turn, domestically, ITV is ITV Studios’ biggest customer — given that almost all the Studios programming that is bought by ITV is local — it can be estimated that around 74 per cent of Studios’ UK revenues come from ITV.”