ITV offloads its stake in BritBox streaming service to the BBC

ITV has sold its stake in BritBox International to the BBC for £255m as the broadcaster prioritises its own streaming service.

The company said it has agreed to sell its 50pc holding in the international arm of the British streaming platform to the BBC’s commercial division.

The move, which is thought to be the BBC’s biggest commercial deal ever, means BBC Studios will now control BritBox International in its entirety.

BritBox UK, which is 100pc owned by ITV, will be unaffected and will still feature BBC shows.

BritBox was launched by the two broadcasters in 2017 in an effort to showcase the best of British television and film. The subscription service is available in nine countries around the world, offering viewers access to the latest episodes of soaps such as EastEnders and Coronation Street, as well as back catalogues of favourites such as

Doctor Who. The international arm now has 3.75m subscribers and is valued at around £500m.

However, ITV’s long-term commitment to the venture has been in doubt since the company quietly folded BritBox into its own streaming service, ITVX, which launched at the end of 2022. ITV said the decision to sell its stake in BritBox comes as it focuses on growing ad-funded ITVX, as well as its production business, ITV Studios.

Under the terms of the deal, ITVX will continue to receive licensing revenues from BritBox for the use of ITV shows. Bosses said they expect to make £235m from the deal, which will be returned to shareholders through a share buyback starting next month.

Shares jumped more than 15pc in early trading.

BritBox International will be merged into the BBC’s global media and streaming division, after which Reemah Sakaan, the global chief executive, will step down.

The BBC said new leadership plans were in place to ensure a smooth transition and would be announced shortly.

Dame Carolyn McCall, the chief executive of ITV, said: “The sale of 50pc of BritBox International means ITV is focused on its core strategic goals of continuing to build on ITVX’s success and growing ITV Studios.”

Tom Fussell, the chief executive of BBC Studios, said: “This is an important acquisition for us.

“We are taking full ownership of a successful, growing service we know well and that fits with our stated ambition to double the size of our business.”