Short-sellers bet millions on ITV advertiser turn-off

ARE investors going to switch off from ITV? The Coronation Street broadcaster notched up a stellar 2021 capped by record advertising revenues.

A Government White Paper on public service broadcasting last week appeared to play into ITV’s hands too. But it now emerges that the first hedge funds to take aim since last summer are betting against the stock, which is already down 35 per cent this year.

US short-selling heavyweight Citadel and London rival Marshall Wace have taken a combined £49million position. The bets that shares will fall are a blow to those who thought a recent sell-off in ITV was overdone.

In March, shareholders baulked at plans to splash out on new shows and technology. City concerns have increased as the cost-ofliving crisis threatens to hit advertising spending.

Boss Carolyn McCall will hope the relaunch of ITV’s streaming service as ITVX during November’s World Cup will enliven the stock.