The British TV company, BBC Studios, is buying ITV’s part of the streaming service called BritBox International. They are paying £255 million ($322 million) for it, which is a lot of money for BBC’s business side. BritBox International CEO, Reemah Sakaan, will leave the business. BBC Studios will announce who will replace her soon.
BritBox International has almost four million people who use it all over the world. It is worth over £500 million. After buying BritBox International, BBC Studios will own all of it. BBC’s shows will stay on BritBox UK, another service that ITV fully owns.
The head of BBC Studios, Tom Fussell, said the purchase is very important. He added that BritBox International is doing well and can grow more with BBC’s help. ITV said it will focus more on its own streaming service, ITVX, and its ITV Studios side after selling BritBox International.
BritBox International has been around since 2017. It serves eight countries, including the US, Canada, Australia, South Africa, Denmark, Finland, Norway, and Sweden. Its shows are very popular.
Vocabulary List:
- Acquisition (noun): The process of acquiring or obtaining somethingespecially a companyorganizationor property.
- Monetary (adjective): Relating to money or currency.
- Resignation (noun): The act of resigning or giving up a job or position.
- Expansion (noun): The action of becoming larger or more extensive.
- Diversification (noun): The process of investing in or creating different types of businesses in order to spread risk.
- Prominent (adjective): Important famous.
