17th Mar 2020 14:37
(Alliance News) - Broadcaster ITV PLC on Tuesday said there will be no loss of sponsorship revenue due to the postponement of the European Football Championships.
UEFA earlier Tuesday confirmed Euro 2020 tournament will be pushed back to the summer of 2021 due to the Covid-19 outbreak.
The move comes with most of Europe's domestic leagues having ground to a halt over the last week as football confronts its biggest issue in modern times.
ITV said there will be no loss of sponsorship revenue, and costs will be reduced by GBP40 million to GBP50 million this year, which includes the cost of replacement programming.
"We look forward to broadcasting the Euros and providing a significant marketing opportunity for advertisers in 2021, a year which does not have any other large sports tournament," said ITV.
"ITV continues to closely monitor the implications of the coronavirus and will update the market further as appropriate. Our priority remains to protect our people. Currently, ITV's guidance for March and April advertising revenue has not changed."
"As we stated at the full-year results, ITV has good access to liquidity. We have GBP830 million of undrawn facilities and no bond repayments until September 2022," the broadcaster continued.
ITV shares fell 8.9% on Tuesday on London to a price of 68.20 pence each.
By George Collard; [email protected]
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