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ITN Profits Drop 54% Amid Covid ‘Economic Challenges’ – Deadline

EXCLUSIVE: ITN has become the latest UK blue-chip production company to reveal the extent of the financial damage caused by the coronavirus pandemic.

In a series of 2020 results published on UK Companies House, the UK’s top news producer revealed that its pre-tax profit fell 54% to 1.1million pounds ($ 1.53million) after that other producers, such as ITV Studios, posted similar double-digit declines. . ITN Group revenue fell 11% to £ 121m.

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

NBC News International President Deborah Turness leaves to become ITN CEO

“ITN has proven its resilience in the face of the Covid-19 pandemic, continuing to provide a range of products to its customer base and home audience,” the company said, but predicted the financial disruption will continue in 2021. “The group plans to return an improved result for 2021 compared to 2020, but not a full return to 2019 levels due to the ongoing pandemic conditions,” ITN predicts.

In addition to its news production, its television production arm ITN Productions is responsible for Netflix shows, including Story 101 and Drug lords. ITN Productions had a record 741 hours of content commissioned or transmitted in 2020, no less than 20 royal documentaries, such as Meghan and Harry: the new revelations for channel 5 supported by ViacomCBS. That hasn’t stopped ITN Productions’ revenue from falling by a third to £ 29.5million, in part thanks to canceled sporting events, such as the World Indoor Athletics Championships.

Turness replaces Anna Mallett, who was poached by Netflix last November to become vice president of physical production. Mallett resigns on April 26, which means his tenure at ITN lasts almost exactly two years.

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