ITV's 9-mth revenues remain flat despite downturn

LONDON - Britain's largest commercial broadcaster, ITV, said Wednesday that revenues for the first nine months of the year were little changed from last year despite the economic downturn, as growth in online ads and TV production offset weaker broadcast advertising.

ITV PLC, whose shows include "The X Factor," said total revenue dipped less than 1 percent in the nine months to Sept. 30 to 1.47 billion pounds ($2.3 billion), the company said. It did not report profits or detail its third quarter performance.

The broadcaster credited a substantial increase in online viewers, which helped lift online advertising revenue, and strong growth in sales of its content to other broadcasters around the world with keeping overall revenue flat, even as television advertising fell 5 percent.

ITV's global content division, which produces and sells shows to other stations, enjoyed a 35 percent rise in revenue to 206 million pounds ($327 million) in the first nine months of the year compared to the same period in 2007.

Meanwhile, viewers watched 82 million ITV videos online in the first nine months of the year, up nearly six-fold from a year earlier. This jump increased the broadcaster's online advertising revenue by 4 percent to 25 million pounds ($40 million).

"In tough economic conditions, operationally we continue to perform strongly and we expect to hold our share of U.K. television advertising year on year," said Chairman Michael Grade.

However, the company's fourth quarter outlook was negative because of the sharp decline in total advertising spending. ITV estimated that advertising sales at its channels would fall 9 percent next quarter, roughly in line with an anticipated 9.4 percent drop in Britain's overall television advertising market.

Shares rose less than 1 percent to 31.5 pence ($0.51) in London.

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