9th Oct 2018 18:17
LONDON (Alliance News) - The Financial Times reported Tuesday ITV PLC plans to sell its headquarters on London's South Bank for an undisclosed amount.
The FTSE 100-listed broadcaster moved out of the studio facility in 2017 but planned to return after the building had undergone extensive modernisation.
That no longer appears to be the plan, however, with ITV set to sell the site in a cost-cutting drive outlined by new Chief Executive Officer Carolyn McCall.
According to the FT, ITV is set to make a profit on the building after buying it for GBP56 million in 2013. Analysts at Liberum said the site could be worth as much as GBP245 million.
In the company's interim report in July, McCall said the commercial broadcaster would be cutting costs by between GBP35 million and GBP40 million from 2019 to 2021.
This was after the company announced in its annual results expected "significant" capital expenditure to be spent on the redevelopment of its headquarters between 2021 and 2022.
https://www.ft.com/content/60129856-cb9d-11e8-b276-b9069bde0956
Shares in ITV closed up 0.5% at 159.05 pence each.
Related Shares:
ITV