The British film and TV industry may be getting nervous after the surprising vote on Brexit will unravel their financial infrastructure, which could be a disaster for the business.
Now that the U.K. has voted to yank itself out of the European Union, the upcoming process is raising questions about British companies' relationships with co-financiers and distributors. Concerns are now brewing about new taxes on shoots in Europe, and the ability for media companies to hire and work across the continent.
Additionally, there are jitters that Brexit will threaten the export of British film and TV series to Europe, which is the largest market for the U.K.'s creative industries. The divide could cut off British filmmakers from European subsidies, which poured over $180 million into U.K. productions between 2007 and 2015.
On Friday, those concerns took a toll on the stocks of some of the U.K.'s distribution companies. Sky and ITV were among the stocks plummeting in the wake of the vote—ITV tumbled a whopping 20.4 percent from its highs on Friday, while SKY dropped 6.6 percent.