BBC takes full control of BritBox International

March 1, 2024 06:57 PM

The commercial arm of the BBC, Britain's publicly-funded broadcaster, said Friday it will take full control of television streaming service BritBox International.

BBC Studios is paying £255 million ($322 million) for 50 percent of the joint venture owned by British peer ITV, which will earn additionally from continuing to feature some of its programmes on the service.

Launched by BBC Studios and ITV in 2017, BritBox International streams British television programmes to about 3.75 million subscribers in North America, Australia, Denmark, Finland, Norway, South Africa and Sweden.

"This is an important acquisition for us," BBC Studios chief executive Tom Fussell said in a joint statement.

"We are taking full ownership of a successful, growing service we know well and that fits with our stated ambition to double the size of our business."

Programmes featuring on BritBox International include police drama "Line of Duty" and "Archie", about the life of Hollywood actor Cary Grant, whose real name was Archibald.

ITV CEO Carolyn McCall said the sale would allow ITV to focus on its core UK business.

Shares in ITV surged more than 15 percent to 64.5 pence following the announcement.

"The proceeds are marked to go towards a share buyback," noted Richard Hunter, head of markets at Interactive Investor, as he explained a key reason behind the share-price rally.