RNS Number : 6613Y
STV Group PLC
05 March 2012
STV Group plc
5 March 2012
STV, ITV and UTV agree new Channel 3 networking agreements
STV today announces it has reached a comprehensive agreement with ITV on new networking arrangements, through which STV will become an affiliate of the Channel 3 Network. The implementation of this new agreement is subject to regulatory approval and details of the new arrangements have been submitted to Ofcom. If approved, the settlement balance of £10.8m payable by STV to ITV plc over 18 months will be made from programme stock and cash.
STV is confident that the new arrangements will deliver sustainable cost-sharing arrangements for the Network and enable the continued delivery of high quality commercially sustainable public service broadcast services into the next licence period.
Rob Woodward, CEO of STV said: "Today's announcement confirms the stability and certainty of long term, commercially sustainable networking arrangements between the Channel 3 licence holders. STV remains 100% committed to its public service broadcasting credentials, to delivering a distinct schedule for Scotland and to providing a platform for informed debate. We are delighted to have reached agreement on a set of terms which will benefit our viewers and consumers across all distribution platforms."
Adam Crozier, Chief Executive of ITV plc, said: "We look forward to continuing our positive relationship with STV under a new affiliate agreement.
"This agreement, which is still subject to regulatory approval, represents a major milestone for us as it consolidates and simplifies the ITV Network."
STV Group plc
George Watt, Chief Financial Officer
Kirstin Stevenson, PR Manager 0141 300 3670
Jamie Ramsay 020 7457 2020
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