01 March 2024 , 11:28
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The BBC has taken full control of international streaming service BritBox in a £255 million deal, buying out ITV.
This means that the foreign version of BritBox, known as BritBox International, is now completely owned by the BBC 's commercial arm, BBC Studios. Until recently, it was equally owned by both organisations. Since launching joint venture in 2017, BritBox has attracted an impressive audience of around 3. 75 million subscribers.
ITV shared their plans to utilise the sale proceeds to invest in their own UK streaming service, ITVX, and reward their shareholders. Despite no longer owning part of the service, ITV will continue earning from BritBox International through agreements for the use of ITV content.
As a bonus, the existing ITV-BritBox licensing deals have been expanded. An ITV Spokesman said: "BritBox UK is unaffected and will still feature BBC content as part of separate long-term agreements."
BBC Studios boss Tom Fussell said: "This is an important acquisition for us. 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. Britbox International has British content at its heart and it generates and satisfies demand for British shows outside the UK. We will continue to make significant investments in the future to deliver long-term value to the BBC."
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ITV's Carolyn McCall said: "The sale of 50% of BritBox International means ITV is focused on its core strategic goals of continuing to build on ITVX's success and growing ITV Studios." BritBox International streams in eight countries: the US, Canada, Australia, South Africa, Denmark, Finland, Norway and Sweden.