ITV Q3 2026 results: Ad market challenges
Despite a bumper World Cup, ITV now expects that total advertising revenue will be down 2-3% for the full year (it was -5% in 2025). Studios has a strong Q4 in terms of deliveries that will help convert its year to growth
Given the pending acquisition by Sky, ITV’s performance becomes less about proving sustainability and growth and more about supporting a narrative that will alleviate friction with the CMA and Ofcom. Either way, ITV continues to contract
As subscription streaming begins to struggle, ITVX and BVOD generally is showing resilience with better behavioural characteristics
Related reports
ITV H1 2026 results: World Cup eases things for now
5 August 2026ITV had a good World Cup, with the tournament driving H1 total advertising revenue up 3% YoY (£850 million), while average viewing per game was marginally better than the BBC.
Although the football provided a welcome bump, H1 viewing remained bleak (-8.5%): the broadcaster currently commands its smallest share of the decade and our 2026 forecast of a 6% drop in total engagement may turn out to be optimistic.
As expected, Studios had a steady half and will accelerate towards the end of the year with a particularly high profile pipeline.
Sky and ITV broadcast: Offer accepted
7 July 2026After a significant period of negotiation, Sky’s offer for ITV’s broadcast and streaming operations has been accepted, with consideration between £1.4 and £1.6 billion (the upside being a performance-related earn-out). Most of the payment will be cash, although it will also include Love Productions, makers of Bake Off, valued at £200 million.
From completion, ITV Studios will operate as a standalone business although a Content Supply Agreement with Sky will maintain a consistent flow of content, of around £420 million per year, which is similar to current levels (excl. sport), but with the potential of further upside.
Sky is making firm commitments on ITV's PSB remit and news provision and plurality. The most pressing issue in regulatory clearance will be defining the relevant ads market: a 'broadcaster-only' definition is an anachronism.
Studios revenue growth (+4% year-on-year, to £400 million) balanced advertising decline, which dragged Media and Entertainment down 2% (to £477 million): total revenues were flat YoY. Viewing has been poor to start 2026, but there is a World Cup approaching.
ITV’s total advertising revenue (TAR) was down 1.5% in Q1 to £416 million, with digital ad revenues up 14%. ITV expects Q2 to improve 10% YoY.
With the acquisition of ITV M&E appearing close, the ramifications of the change of ownership for ITV’s output is a nuanced consideration.
Sky and ITV broadcast: Creating a British streaming champion
13 November 2025Comcast/Sky is in preliminary discussions to acquire ITV’s broadcast and streaming operations. With a larger audience footprint, better tech and a broader range of British content, the rationale is that the merged entity would be better placed to compete with global streaming giants.
The belief will be that the downward momentum of both parties will be slowed, and the offering is more likely to be a primary viewing choice. There is a danger that ITV may lose some of its unique identity.
The deal will need to clear regulatory hurdles including concerns on media plurality. The harder test will be convincing the CMA that the relevant advertising market is wider than just broadcasters.
ITV’s total revenue (£4.1 billion) was flat year-on-year, with growth from Studios balancing a drop from Media & Entertainment: advertising revenue ended 2025 down 5%.
Studios not only grew revenue (£2.1 billion, +5%) but was almost as profitable as the record-breaking 2024, with adjusted EBITA of £297 million. The domestic business remains strong, but US production is looking tough.
Overall engagement continues to fall (-5%) and although there is sizeable reach to be found on YouTube, viewing levels and completion rates markedly trail linear and ITVX.
ITV H1 2026 results: World Cup eases things for now
5 August 2026ITV had a good World Cup, with the tournament driving H1 total advertising revenue up 3% YoY (£850 million), while average viewing per game was marginally better than the BBC.
Although the football provided a welcome bump, H1 viewing remained bleak (-8.5%): the broadcaster currently commands its smallest share of the decade and our 2026 forecast of a 6% drop in total engagement may turn out to be optimistic.
As expected, Studios had a steady half and will accelerate towards the end of the year with a particularly high profile pipeline.
Sky and ITV broadcast: Offer accepted
7 July 2026After a significant period of negotiation, Sky’s offer for ITV’s broadcast and streaming operations has been accepted, with consideration between £1.4 and £1.6 billion (the upside being a performance-related earn-out). Most of the payment will be cash, although it will also include Love Productions, makers of Bake Off, valued at £200 million.
From completion, ITV Studios will operate as a standalone business although a Content Supply Agreement with Sky will maintain a consistent flow of content, of around £420 million per year, which is similar to current levels (excl. sport), but with the potential of further upside.
Sky is making firm commitments on ITV's PSB remit and news provision and plurality. The most pressing issue in regulatory clearance will be defining the relevant ads market: a 'broadcaster-only' definition is an anachronism.
Studios revenue growth (+4% year-on-year, to £400 million) balanced advertising decline, which dragged Media and Entertainment down 2% (to £477 million): total revenues were flat YoY. Viewing has been poor to start 2026, but there is a World Cup approaching.
ITV’s total advertising revenue (TAR) was down 1.5% in Q1 to £416 million, with digital ad revenues up 14%. ITV expects Q2 to improve 10% YoY.
With the acquisition of ITV M&E appearing close, the ramifications of the change of ownership for ITV’s output is a nuanced consideration.
Sky and ITV broadcast: Creating a British streaming champion
13 November 2025Comcast/Sky is in preliminary discussions to acquire ITV’s broadcast and streaming operations. With a larger audience footprint, better tech and a broader range of British content, the rationale is that the merged entity would be better placed to compete with global streaming giants.
The belief will be that the downward momentum of both parties will be slowed, and the offering is more likely to be a primary viewing choice. There is a danger that ITV may lose some of its unique identity.
The deal will need to clear regulatory hurdles including concerns on media plurality. The harder test will be convincing the CMA that the relevant advertising market is wider than just broadcasters.
ITV’s total revenue (£4.1 billion) was flat year-on-year, with growth from Studios balancing a drop from Media & Entertainment: advertising revenue ended 2025 down 5%.
Studios not only grew revenue (£2.1 billion, +5%) but was almost as profitable as the record-breaking 2024, with adjusted EBITA of £297 million. The domestic business remains strong, but US production is looking tough.
Overall engagement continues to fall (-5%) and although there is sizeable reach to be found on YouTube, viewing levels and completion rates markedly trail linear and ITVX.