Home Business NewsBusiness ITV shares drop amid Phillip Schofield controversy

ITV shares drop amid Phillip Schofield controversy

by LLB Reporter
30th May 23 11:06 am

Shares in ITV have fallen as much as 1.3% this morning to their lowest level in five months, as the broadcaster deals with the fallout of a scandal involving one of its former stars.

The drop comes on the first day of trading since This Morning star Phillip Schofield quit, having admitted he lied to the broadcaster over a relationship with a younger worker.

Shares have since pared some losses, and are now trading around 0.6% lower at around 71p each.

Hargreaves Lansdown’s Susannah Streeter said: “Although the drama has concentrated minds about the need for consistently popular content in important slots which keeps eyes on screen and advertising revenues returning, this is being viewed as a short-term hiccup rather than a longer-term problem for the company.

“Instead, there will be a much closer eye trained on advertising prospects over the longer term given high inflation and the worry that a further ratcheting up in interest rates could push the UK into a recession after all, which could lead to marketing budgets being squeezed.”

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