ITV says Euro 2020 delay will cut schedule costs by up to £50m
Football tournament postponed until 2021 due to Coronavirus
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The postponement of the 2020 European football championship until next year will cut broadcaster ITV's schedule costs by £40m to £50m this year, including the cost of replacement programming, the company said on Tuesday.
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It added that there would be no loss of sponsorship revenue as the tournament was pre-sponsored and said the delay would provide a "significant marketing opportunity" for advertisers in 2021, a year which does not have any other large sports tournament.
"ITV continues to closely monitor the implications of the Coronavirus and will update the market further as appropriate. Our priority remains to protect our people. Currently ITV's guidance for March and April advertising revenue has not changed," the company said in a statement.
"As we stated at the full year results, ITV has good access to liquidity. We have £830m of undrawn facilities and no bond repayments until September 2022."