ITV gives up on All3Media acquisition

In brief

ITV has said it is no longer “actively exploring” an acquisition for All3Media, the production company behind Gogglebox and Fleabag.

The UK’s biggest free-to-air commercial broadcaster had previously expressed interest in buying the All3Media, whose current owners are Warner Bros Discovery and Liberty Global.

ITV has grown its production unit ITV Studios, which produces Love Island, to offset from TV advertising, which is expected to decline by 6% this year according to UK rival Channel 4.

Citi analysts said that while buying All3Media would have made strategic sense for ITV, it would also have pushed up debt to “an uncomfortably high level”.