ITV plc published its Q3 trading update for the nine months to 30 September 2026 on 11 November 2026, revealing total group revenue fell 1% to £2,762 million against £2,795 million in the same period a year earlier. The broadcaster confirmed the agreed sale of its Media & Entertainment business to Sky is progressing as planned, following a Public Interest Intervention Notice issued by the Secretary of State on 4 November. Chief Executive Carolyn McCall stated the company remains on track to deliver full-year revenue growth in ITV Studios and continued profitable digital revenue growth in M&E, despite a more challenging advertising market. Investors will be watching closely as ITV identifies £30 million of additional cost savings in Q4 to offset weakening advertiser demand.

Key Points

  • ITV plc (ITV) — UK commercial broadcaster and global content producer
  • Total group revenue for the nine months to 30 September 2026 declined 1% year-on-year to £2,762 million; total advertising revenue fell 1% to £1,238 million
  • ITVX total streaming hours grew 29% to 2,153 million; digital revenues rose 7% to £461 million over the nine-month period
  • Investors should monitor Q4 TAR guidance of down 5–10%, completion of the M&E sale to Sky expected in the second half of 2027, and progress on the £100 million share buyback

ITV Studios Revenue Down 1% for Nine Months as Q4 Delivery Pipeline Remains Heavily Weighted

ITV Studios posted total revenue of £1,332 million for the nine months to 30 September 2026, down 1% against £1,350 million in the prior year period. External revenue declined 4%, reflecting the expected phasing of production deliveries and licensing deals weighted towards Q4. Internal revenue grew 4%, driven by new and returning scripted and unscripted programmes for M&E. The division produced five of the UK's top ten most-watched dramas in Q3, including The Gentlemen for Netflix, Ludwig S2 and Vigil S3 for the BBC, and The Blame, described in the announcement as the most-watched drama of the year so far. The Studios EBITA margin is guided to the lower end of the 13% to 15% range for the full year.

ITVX Delivers Record Viewing but Linear Advertising Weakness Prompts £30 Million of Q4 Cost Savings

M&E total revenue came in at £1,430 million for the nine months, down 1% year-on-year, as 7% digital revenue growth was offset by declining linear advertising. ITVX delivered record viewing driven by the Football World Cup final matches and drama titles including Trigger Point, Big Brother, and Love Island. Total advertising revenue for the nine months was down 1%, outperforming broadcast competitors but slightly below previous guidance. For Q4, ITV expects TAR to fall around 5–10% and around 2–3% for the full year 2026. To address this, management has identified £30 million of additional temporary M&E savings in Q4, comprising £25 million of content savings and £5 million of discretionary non-content savings.

Secretary of State Issues Public Interest Intervention Notice in Sky M&E Sale as Completion Targeted for Second Half of 2027

The agreed sale of ITV's M&E business to Sky, which the announcement states will position ITV Studios as a pure-play global content business, is progressing as planned. On 4 November 2026, the Secretary of State issued a Public Interest Intervention Notice, described by ITV as an expected and important milestone in the regulatory review process. Completion remains expected in the second half of 2027. Separately, ITV's £100 million share buyback is progressing, with 116,574,761 shares repurchased for a total of £81 million as of 6 November 2026, all held as Treasury Shares. Total group liquidity stood at £940 million at 30 September 2026, comprising £240 million cash and £700 million of committed undrawn facilities.

Less Healthy Food Regulations and Macroeconomic Uncertainty Identified as Key Risks to ITV's Advertising Outlook

The announcement identifies several specific pressures weighing on ITV's advertising revenues beyond general macroeconomic uncertainty. Less Healthy Food regulations, which came into effect on 1 October 2025, are cited as a contributor to weakened H2 advertiser demand, alongside increased digital advertising competition from global streaming platforms. ITV's total content budget for 2026 is expected to be approximately £1.2 billion. The company's share of commercial viewing rose to 32.7% for the nine months, up from 31.8% a year earlier, and ITV held a 92% share of the top 1,000 commercial broadcast TV programmes, suggesting audience strength even as the monetisation environment for linear advertising remains under pressure.