ITV had a strong 2021 year with total advertising revenue growth of +24% and studios revenue growth of +31% organically. The adjusted EBITA margin increased to 24% of revenue (+3pt). The advertising market has been strong since the start of the year 2022 according to ITV (+14% expected in January-April 2022). Conversely, the acceleration of the development of digital revenue (£750m by 2026) with the launch of ITVX implies higher content investments that should weigh on the operating margin in 20 ....