Smaller Related Party Transaction

RNS Number : 6711E

ITV PLC

08 July 2021

 

ITV plc

SMALLER RELATED PARTY TRANSACTION

This disclosure is being made in accordance with Listing Rule 11.1.10 R due to the fact that ITV Broadcasting Limited ("ITV") is entering into a transaction with an associate of the BBC, which is deemed to be a related party of ITV plc under the Listing Rules.

ITV and BBC Free to View (Satellite) Limited have transferred the entire issued share capital of Freesat (UK) Limited ("Freesat") for a nominal sum to Digital UK Trading Limited (a wholly-owned subsidiary of Digital UK Limited, an existing joint venture between ITV Network Limited, the BBC and Channel 4 which facilitates the provision of Freeview TV services).  Immediately prior to completion, each of ITV and the BBC capitalised circa £23m of shareholder loans owed to each of ITV and the BBC by Freesat. ITV's annual accounts for the financial year ended 31 December 2020 did not hold any value on its balance sheet for this debt.  Loans of approximately £8m in aggregate from ITV and the BBC to Freesat remain outstanding following completion and are repayable in accordance with their terms.

Freesat was established as a 50:50 joint venture between ITV and the BBC in 2007 and facilitates access to subscription-free satellite television in the UK.  It is intended that the integration of Digital UK and Freesat will help ensure viewers continue to have access to a range of free-to-view TV services in the UK as well as benefit from technological innovations and developments across the Freeview and Freesat services.

For further enquiries please contact:

Investor Relations Pippa Foulds Faye Dipnarine Media Relations Paul Moore Jenny Cummins

[phone] [phone] [phone] [phone]

LEI for ITV plc - ZLECI7ED2QMWFGYCXZ59

 

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