ITN has issued financial results which show its pre-tax profits rising from £9.4m in 1994 to £15.3m for the year ended 31st December 1995. Turnover also rose, up from £85.1m to £88.7m.
As well as the ITV network ITN supplies news to Channel 4, Independent Radio News, Planet 24’s Big Breakfast and NBC Super Channel. All of these contracts were extended for at least another two years by these companies. ITN will also be the news provider for Channel 5 when it launches in 1997.
At the press conference in which these results were announced it was hinted that ITN may cut the amount it charges for its news services. This is undoubtedly the result of an amendment to the Broadcasting Bill which will allow rival news services, such as BSkyB, to bid for the ITV contract. The ITN contract with ITV is up for renewal at the end of 1997 and some ITV companies, such as HTV, have said that they would consider using another provider. ITN refused to say how much they would cut from their charges but press reports indicate it could drop from its present level of £57m-a-year to £42m.
ITN: 0171 833 3000
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