BARB’s latest ‘What People Watched’ report indicates that proponents of the ‘linear TV is dead’ narrative remain wide of the mark. By way of evidence, BARB flags that live TV achieved 45% share of total viewing in December 2025 - suggesting an enduring opportunity for commercial broadcasters to deliver for advertisers. ITV and STV are key players in this regard thanks to their ability to reach both large mass-market and targeted digital audiences. We believe both companies are also well positioned to capitalise on the scale and positive dynamics of the content production market - along with Zinc Media and Facilities by ADF.