UK’s ITV sells BritBox International stake to BBC Studios

British broadcaster ITV has sold its entire 50 per cent stake in streaming service BritBox International to its joint venture partner BBC Studios for 255 million pounds ($322.09 million), it said on Friday.

The sale will allow ITV to focus on “supercharging” its UK ad-funded streaming service ITVX and growing its global Studios division, it said, adding that it would return proceeds to shareholders via a stock buyback.

“We will continue to make significant investments in the future to deliver long-term value to the BBC,” Tom Fussell, BBC Studios CEO said in a statement.