📈 Is ITV Ready For A Takeover?

Adevinta Breaks Up; Blacksheep Cashes In

November 25, 2024

This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • Is ITV Ready For A Takeover?

  • Adevinta Breaks Up; Blacksheep Cashes In

  • CellPoint Digital Soars with $30M Boost!

The summary: ITV, long a staple of British telly, is being eyed for a potential shake-up, with big-name suitors circling its undervalued Studios arm and streaming platform in a high-stakes media reshuffle.

The details:

  • ITV in the Spotlight: ITV, the UK's top terrestrial broadcaster, is drawing interest from suitors like CVC Capital and France's TF1, eyeing a possible carve-up of its studios and broadcasting arms. Love Island may have new landlords soon.

  • Bids on the Back Burner: While the rumour mill churns, no concrete offers are on the table yet, with ITV's board keeping their cards close and bidders still crunching numbers.

  • Undervalued Appeal: ITV Studios, maker of Disney+’s Rivals and the year’s most-watched drama, is the jewel in the crown—possibly worth more than ITV's entire £2.51bn valuation.

  • Dame Carolyn's Balancing Act: CEO Dame Carolyn McCall has steered ITV into growing digital and production realms, but with ad revenues dipping and shares languishing at 65.5p, the company’s future is ripe for reshaping.

Why it matters: ITV’s fate is a litmus test for Britain’s media landscape, where streaming wars and shrinking ad budgets are reshaping the battlefield. If suitors swoop in, it could mean ITV’s golden goose, its Studios arm, gets a sleek new roost while its broadcasting side faces a continental makeover. For viewers, it’s less about who owns Love Island and more about whether it still sizzles—or fizzles—in the hands of new overlords.

The summary: Adevinta’s €500m sale of Distilled to Blacksheep shakes up Europe’s classifieds game, keeping Ireland’s ad kingpin local while leaving rivals playing catch-up.

The details:

  • A €500m Plot Twist: Adevinta, the classified ads giant snapped up by Blackstone and Permira for $13bn, kicks off its break-up with the sale of Distilled to Dublin's Blacksheep Fund Management.

  • Distilled Gold: Home to Daft.ie, DoneDeal.ie, and Adverts.ie, Distilled dominates Ireland’s online classifieds for cars and property.

  • Blacksheep in the Spotlight: Known for managing charitable assets and its classifieds expertise, Blacksheep will keep Distilled’s founder, Eamonn Fallon, at the helm post-sale.

  • Boardroom Drama: Barclays backed Distilled, Lazard advised Blacksheep, and Apax Partners was reportedly circling – but Blacksheep won the deal.

Why it matters: The sale signals a seismic shift in Europe’s classifieds market, as private equity heavyweights dismantle a €13bn empire piece by piece. With Distilled’s platforms driving much of Ireland’s digital marketplace, its new home at Blacksheep hints at sharper focus and local expertise. For rivals and would-be suitors like Apax, it’s a classic case of close, but no cigar.

The summary: CellPoint Digital’s fresh $30 million investment is set to turbocharge airline payments, cutting costs, boosting revenue, and helping airlines offer smoother, more personalised digital experiences as they soar into global expansion.

The details:

  • £30 million secured: CellPoint Digital raises funds to revolutionise airline retailing, following a $25 million boost in 2022. They’re on a mission to upgrade how airlines do business and delight customers.

  • Payment orchestration is the future: This clever tech streamlines payments across various providers, slashing costs and boosting profits for airlines, while offering customers seamless transactions – a win-win in a competitive market.

  • Expanding globally: With fresh funds, CellPoint is eyeing international growth, backed by key partnerships (hello, Riyadh Air and Sabre), and a focus on improving payment services worldwide.

  • Game-changer alert: Their new platform delivers frictionless, personalised payment experiences for travellers, helping airlines boost revenue and reduce costs, all while staying ahead of digital trends.

Why it matters: CellPoint Digital’s $30 million windfall is like a turbo boost for airlines, letting them streamline payments and give customers a smoother ride. With payment orchestration in their back pocket, they’re slashing costs, increasing revenue, and making booking a flight feel less like wrestling with a calculator. As they expand globally, airlines can now focus on flying high rather than tripping over tech, all thanks to CellPoint's game-changing platform.