ITV (LON: ITV) shares fell in early trading today after the broadcaster and programme maker said advertising demand had weakened and cut its TV advertising guidance. It also announced £30m of temporary savings for the fourth quarter.
The shares were at 63.62p shortly after 8am, down 3.18p, or 4.76%, from yesterday’s 66.8p close, after touching 62.8p. The weekly intraday range over six months runs from a low of 61.5p in the week of the 12th of October to a high of 84.3p in the week of the 8th of June.
In its update for the nine months to the 30th of September, released at 7am, Chief Executive Carolyn McCall put the problem plainly.
Demand for advertising in H2 has weakened.
Carolyn McCall, ITV Chief Executive
Total advertising revenue fell 8% in the third quarter and 1% over nine months, slightly below previous guidance. ITV now expects it to fall around 5-10% in the fourth quarter and around 2-3% for 2026, blaming economic uncertainty, more digital advertising on global streaming platforms and rules restricting less healthy food ads.
To offset that, ITV will take £30m of extra temporary savings in the fourth quarter: £25m from content and £5m from discretionary spending. Its ITV Studios production arm is heavily weighted to the fourth quarter, with EBITA margin (operating profit before some charges) at the lower end of its 13% to 15% range.
The nine-month figures show where the pressure sits against the prior year.
| Metric | Nine months 2026 | Nine months 2025 | Change |
|---|---|---|---|
| Total revenue | £2,762m | £2,795m | (1)% |
| Total advertising revenue | £1,238m | £1,247m | (1)% |
| ITV Studios revenue | £1,332m | £1,350m | (1)% |
| Total digital revenue | £461m | £432m | 7% |
| Streaming hours | 2,153m | 1,668m | 29% |
Digital growth and streaming are the bright spots, while advertising and Studios both slipped.
Net debt stood at £695m at the 30th of September, up from £652m at the 30th of June. The £100m share buyback had reached £81m by last Friday.
The planned sale of ITV’s Media & Entertainment business (its channels and ITVX streaming service) to Sky is on track. The Secretary of State issued a Public Interest Intervention Notice on the 4th of November, a step that triggers a government review, and completion is still expected in the second half of 2027.
news