ITV reports deficit fall and sells contingent asset for £150m

Jonathan Stapleton
clock • 1 min read

ITV has reported the net deficit of its defined benefit pension scheme has fallen from £105m on 30 June to just £2m on 30 September.

The media firm's third quarter trading update said the decrease in the deficit was driven by its deficit funding contribution and an increase in asset values that more than offsetted the increase in liabilities arising from a fall in corporate bond yields.

ITV also reported it had sold the London Television Centre on the capital's South Bank to Mitsubishi Estate London in an all-cash transaction for £145.6m - a property that had been pledged as a security to a section of ITV's pension scheme.

In 2014, ITV established a pension funding partnership with the trustees of the ITV Pension Scheme, backed by The London Television Centre - a deal which resulted in the assets of section A of its scheme being increased by £50m.

As part of the sale of the property, ITV said it would use part of the proceeds to replace the asset security and use the remaining cash to reduce the company's net debt.

More on Investment

Partner Content: Is the interest rate descent the time to harvest bonds?

Partner Content: Is the interest rate descent the time to harvest bonds?

Markets expect interest rates to fall this year, offering investors the strongest opportunity for fixed income seen for a long time. Watch this video podcast to learn how best to harvest this exciting opportunity.

Sarka Halas
clock 28 March 2024 • 1 min read
Partner Insight: Diversification and income drive investor appetite for real assets 

Partner Insight: Diversification and income drive investor appetite for real assets 

Challenging markets reinforced the value of real assets in providing diversification and uncorrelated returns.

Sarka Halas
clock 27 March 2024 • 1 min read
Cornwall Pension Fund commits £40m to Octopus Energy Transition Fund

Cornwall Pension Fund commits £40m to Octopus Energy Transition Fund

Investment part of fund’s efforts to reach net zero across its investment portfolio

Martin Richmond
clock 26 March 2024 • 1 min read
Trustpilot