Sonera Smart Trust

ITV's advertising revenue held broadly flat YoY in Q3, but remains 5% down across 2025 (£1,247 million  v. 1,313 million). This was more than balanced by the back-end weighted revenues of Studios: now well up on 2024 (£1,350 million v. £1,217 million) 

A very challenging Q4 awaits: pre-budget economic and consumer uncertainty could lead to TAR down 6% across 2025. Digital remains a bright spot

As a whole, the viewing mix of ITV is increasingly dictated by ITVX: going forward, this will mean proportionally less viewing of news and more of drama, including that which is foreign-produced 

VMO2’s fixed business faced significant pressure in Q3, with ARPU declining by 1% in spite of an in-contract price-increase boost, and there is evidence of competitive intensity worsening since then.

The completion of Telefónica’s strategic review provides some clarity on VMO2’s priorities, with ownership changes at VMO2 and a NetCo sale unlikely.

Uncertainty around timing of altnet M&A and other opportunities for VMO2 is creating a lull in its growth profile, but there is reason to believe that clarity on at least some fronts will emerge fairly soon.

The European Media Freedom Act (EMFA) sets out the best practices to ensure the independence of Public Service Media providers (PSMs), though it is toothless. 

PSMs play a unique democracy-sustaining role in the digital age by providing the population with balanced news coverage, thus combatting misinformation.

The UK’s BBC is the blueprint for the EMFA and the comparison with Czechia and France demonstrates how political forces challenge independence.