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COMMUNICATIONS: RTRS Reports On ITV Studios Merger With RedBird

COMMUNICATIONS
Credit BulletsUKCEEMEABullet

 ITVLN      Baa3/BBB-/BBB-               Bonds Steady

  • RTRS reporting ITV & RedBird IMI in early talks on merging ITV’s Studios business (51% of revs) with All3Media, which RedBird IMI acquired for GBP 1.2bn in 2024.
  • One option noted is ITV separating its broadcasting business and merging its Studios unit with All3Media, with both ITV & RedBird IMI holding stakes.
  • We do not think this would trigger an EoD based on the permitted restructuring language whereby cessation of business by a principal subsidiary (e.g. ITV Studios) does not trigger an EoD if Broadcasting remains with the issuer. Regardless the bonds trade near par.
  • Language: “provided that, in the case of ITV Broadcasting Limited, the whole or substantially the whole of the business, undertaking and assets are, immediately after the occurrence of the relevant Reorganisation Event, held by, or vested in, (directly or indirectly) the Issue”.
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 ITVLN      Baa3/BBB-/BBB-               Bonds Steady

  • RTRS reporting ITV & RedBird IMI in early talks on merging ITV’s Studios business (51% of revs) with All3Media, which RedBird IMI acquired for GBP 1.2bn in 2024.
  • One option noted is ITV separating its broadcasting business and merging its Studios unit with All3Media, with both ITV & RedBird IMI holding stakes.
  • We do not think this would trigger an EoD based on the permitted restructuring language whereby cessation of business by a principal subsidiary (e.g. ITV Studios) does not trigger an EoD if Broadcasting remains with the issuer. Regardless the bonds trade near par.
  • Language: “provided that, in the case of ITV Broadcasting Limited, the whole or substantially the whole of the business, undertaking and assets are, immediately after the occurrence of the relevant Reorganisation Event, held by, or vested in, (directly or indirectly) the Issue”.