ITV (LON:ITV) is in talks with potential partners for its planned British streaming service and hopes to agree an outline deal over the coming months, The Times has reported. The news comes after it emerged earlier this week that the blue-chip broadcaster had entered the bidding for Endemol Shine, the company behind programmes such as Big Brother, The Fall, MasterChef and Peaky Blinders.
ITV’s share price has been steady in London this morning, having added 0.49 percent to 153.75p as of 08:56 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.12 percent higher at 7,339.98 points.
ITV planning streaming service
The Times reported today that ITV’s chief executive Carolyn McCall had said yesterday that she was aiming to have drawn up a battle plan to counter Netflix and Amazon Video by February, when the blue-chip broadcaster publishes its annual results.
“We’re working through a number of plans, but it depends on who we partner with,” she told investors. McCall, who joined the blue-chip broadcaster earlier this year, further noted that she would take a disciplined approach to investing in new ventures, such as streaming, and on acquisitions. She decline to comment on reports that the FTSE 100 group was interested in Endemol Shine, which has been put up for sale by its owners, Apollo, the private equity firm, and 21st Century Fox.
Analysts on blue-chip broadcaster
Liberum Capital reaffirmed ITV as a ‘buy’ today without specifying a price target on the shares, while earlier this week Deutsche Bank reiterated its ‘hold’ stance on the shares, with a price target of 170p. According to MarketBeat, the blue-chip broadcaster currently has a consensus ‘hold’ rating and an average price target of 194p.