STV confirms new networking arrangements

RNS Number : 6613Y

STV Group PLC

05 March 2012

 



STV Group plc

5 March 2012

STV, ITV and UTV agree new Channel 3 networking agreements

STV today announces it has reached a comprehensive agreement with ITV on new networking arrangements, through which STV will become an affiliate of the Channel 3 Network.  The implementation of this new agreement is subject to regulatory approval and details of the new arrangements have been submitted to Ofcom.  If approved, the settlement balance of £10.8m payable by STV to ITV plc over 18 months will be made from programme stock and cash.

STV is confident that the new arrangements will deliver sustainable cost-sharing arrangements for the Network and enable the continued delivery of high quality commercially sustainable public service broadcast services into the next licence period.

Rob Woodward, CEO of STV said: "Today's announcement confirms the stability and certainty of long term, commercially sustainable networking arrangements between the Channel 3 licence holders.  STV remains 100% committed to its public service broadcasting credentials, to delivering a distinct schedule for Scotland and to providing a platform for informed debate.  We are delighted to have reached agreement on a set of terms which will benefit our viewers and consumers across all distribution platforms."

Adam Crozier, Chief Executive of ITV plc, said: "We look forward to continuing our positive relationship with STV under a new affiliate agreement.

"This agreement, which is still subject to regulatory approval, represents a major milestone for us as it consolidates and simplifies the ITV Network."

Enquiries:

STV Group plc

George Watt, Chief Financial Officer

Kirstin Stevenson, PR Manager                                          0141 300 3670

College Hill

James Hogan

Jamie Ramsay                                                                      020 7457 2020

 

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