ITN’s Profit Plummets 54% Amid “Unprecedented Economic Challenges” Of Covid

ITN’s Profit Plummets 54% Amid “Unprecedented Economic Challenges” Of Covid
Exclusive: ITN has become the latest blue-chip British production company to reveal the scale of the financial damage caused by the coronavirus pandemic.

In a set of 2020 earnings published on the UK’s Companies House, Britain’s premier news producer revealed that its pre-tax profit fell 54% to £1.1 million ($1.53M) after other producers, such as ITV Studios, posted similar double-digit declines. ITN’s group revenues were down 11% to £121M.

ITN, which has just appointed former NBC News executive Deborah Turness as its CEO, blamed “unprecedented economic challenges” relating to Covid-19, but said it actually weathered the storm reasonably well last year. This is largely because it has a stable base of income, thanks to its news contracts with ITV, Channel 4, and Channel 5.

“ITN proved its resilience in the face of the Covid-19 pandemic, continuing to deliver a range of output to its client base and audiences at home,” the company said,
See full article at Deadline »

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