ITV shares take a kicking as Euro 2020 football tournament is delayed due to coronavirus pandemic
Shares in ITV tumbled after the postponement of the Euro 2020 football tournament. Football authority Uefa said the competition was being pushed back because of the pandemic.
ITV, the UK’s biggest commercial broadcaster, said it would not lose sponsorship income and would in fact save £40million to £50million in scheduling costs.
But it is a blow as it relies on big sporting events to draw large audiences that net it bigger advertising revenues. Its shares fell by 12.6 per cent, or 9.46p, to 65.38p.
ITV Chief executive Carolyn McCall said ITV had made contingency plans if advertisers started to cancel
The drop comes after ITV last week warned that advertising sales would be hit by the coronavirus.
It said the previous guidance for a 1 per cent drop in revenue this month and a 10 per cent drop next month had not changed.
ITV added: ‘ITV continues to closely monitor the implications of the coronavirus and will update the market further as appropriate.
‘Our priority remains to protect our people.’
Sporting events including football matches, rugby games and horse racing have all been affected by the virus outbreak.
Chief executive Carolyn McCall said ITV had made contingency plans if advertisers started to cancel, but it is expected to get a lift from Government information campaigns during the outbreak.