“TV Is Dead.” Really? Then Show Me the Body.

The grim reaper can get back in his box.

Someone said to me the other day, with a straight face: “TV is dead.” Not declining. Not adapting. Just… dead. It’s a phrase I’ve heard so often in meetings it should come with a branded tote bag. And every time I hear it, I feel the same thing: mild irritation. Why?

Because it’s not true.

TV isn’t dead - it’s resetting and last week’s story about ITV potentially being up for sale counter intuitively proves it.

Yes, linear ratings are falling. Yes, traditional ad revenues are wobbling. But if you zoom out, what’s really happening is a strategic reshuffling. Broadcasters are no longer the undisputed kings of the hill, but they still sit on something powerful: infrastructure, brand recognition and a daily pipeline into people’s homes. So when a channel comes up for sale, streamers and supersized indies circle that pipeline like it’s a golden goose.

The Times reports that Banijay is exploring a takeover. RedBird IMI -fresh from acquiring All3Media - is sniffing around a merger. ITV Studios is already selling shows to every major platform and in the background, the mood music has changed. The question isn’t “Who would want to buy a broadcaster?” it’s now: Why wouldn’t you?

The appetite for legacy media assets goes beyond TV. Also last week, RedBird Capital Partners (closely linked to RedBird IMI) acquired The Telegraph group, ending a long ownership battle. A legacy newspaper brand, snapped up by private capital. Why? Because in an age of fragmentation and digital sprawl, heritage still carries weight. Trust, distribution, brand equity - they’re all back in fashion.

This week, we’re unpacking:

• Why ITV is suddenly acquisition bait

• Who benefits from owning a traditional channel in a digital world

• What the reset model really looks like (and who’s already playing it)

• And why FAST proves TV isn’t dying - it’s just changing lanes

• Plus: why the “death of TV” is a western obsession and completely wrong globally

As the creators on YouTube say - “Let’s get into it.”

ITV’s fire sale or golden opportunity?

A 1% dip in Q1 revenues, a shaky ad market, and delayed commissions. That’s the topline story of ITV’s recent results. The tabloids framed it as a decline. But in reality, it’s a pivot point.

ITV Studios still grew by 1% despite the current economic headwinds. Its global partnerships are solid. Its unscripted catalogue is vast and it owns formats that plug beautifully into the FAST ecosystem. Think of it as a factory that’s still running well but needs a new distribution network to truly thrive.

Now zoom out: Banijay, one of the world’s biggest unscripted producers, reportedly wants in. RedBird IMI, backed by Emirati capital and holding All3Media, is quietly sounding out mergers. And Carolyn McCall has confirmed that “all strategic options” are on the table.

Which raises a question: what’s the real value of a broadcaster like ITV in 2025?

The new shop window: why owning a traditional TV channel makes sense again

It seems counterintuitive. Why would a digital-first company, swimming in data and algorithms, want a dusty old linear broadcaster?

Simple. Because TV is a shop window and it’s never been more useful.

Imagine you’re a format creator. You’ve got a new unscripted idea. You could pitch it into 14 local buyers and hope it trends on TikTok. Or you could launch it on a recognisable platform like ITV, prove it pulls viewers at scale, then export it globally with an instant marketing hook:
“The #1 format in the UK - now available in 28 languages.”

That’s not fantasy. That’s how Love Island, Masked Singer, and Millionaire became juggernauts. Linear launches still matter, especially when they come with heritage, reach, and a free-to-air distribution base that guarantees visibility in a saturated market.

Streamers like Netflix are excellent warehouses. But broadcasters like ITV? They’re shop fronts. Format pipelines. Test labs. Brand engines.

Buy one, and you don’t just get ad slots. You get proof of concept, audience heat and the ability to scale IP in every direction - digital, live, branded, FAST, AVOD.

And here's the twist: if YouTube had come first, and broadcast TV was invented today, everyone would be calling it a game-changer. A frictionless medium that pipes curated, shared experiences into millions of homes at once, no log-ins, no fees, no buffering. It would be seen as a revolutionary social technology. It's not TV that’s tired. It's our framing of it.

FAST proves it: linear isn’t dead - it’s just shifted platform

Anyone still claiming linear TV is obsolete hasn’t spent time with FAST channels. Free Ad-Supported Streaming Television is growing faster than almost any other segment. Why? Because it’s replicating the best bits of traditional TVl ean-back scheduling, recognisable shows, bundled genres without the cord or the cost.

FAST platforms are eating into prime-time viewing. And what fuels them? Catalogue. Formats. Volume. Exactly the kind of assets a broadcaster like ITV already has in spades. But here's the catch: unless you understand how the economics of that model work, you can’t play in the new arena.

The days of £1M-per-episode vanity projects are over. The new model is low-tariff, high-volume, IP-led production:

- Producers accept lower per-episode fees
- In return, they keep more rights and profit downstream
- Broadcasters get cost-effective, schedule-filling content
- FAST and AVOD drive long-tail revenue from old formats

Everyone wins, if you’re structured for scale.

Meanwhile, look at Disney. Despite the noise around streaming, the vast majority of its revenues still come from traditional linear channels. In Q4 2024, their linear networks delivered the bulk of the Entertainment division’s $1.1 billion operating income. Streaming is growing, but broadcast is still the financial backbone. That tells you something.

Forget prestige. Think flywheel.

This is where most legacy producers still get it wrong.

They’re chasing prestige when they should be building format flywheels. Develop smart, repeatable ideas. Prove them on low-cost linear slots. Then pump them into digital with layered monetisation: live events, YouTube spin-offs, international remakes, FAST syndication.

Banijay understands that. Fremantle’s playing it too. And if RedBird IMI stitches ITV Studios and All3Media together? You’ve got a pan-European powerhouse capable of serving every part of that model - from boutique docs to primetime tentpoles, all monetised through multiple channels.

We’ve seen this before in publishing, in games, in podcasts. The company that owns the IP and the launch platform and the sales network… wins.

TV is catching up. ITV might just be the first test case.

The global lens: TV isn't dead - unless you're blinkered

Here’s the real problem: we’re insular. We see the world only as we experience it.

So many people working in London, LA, New York are convinced streaming is the only game in town. But take off the headset and look globally: streaming is massively expensive. It requires huge digital infrastructure, stable broadband for the end user, credit cards and consumer habits built on subscription culture. That’s not the norm for most of the world.

In sizeable overseas markets - India, Indonesia, parts of Africa, Latin America - over-the-air broadcast remains the dominant medium. It’s free. It works and it reaches millions who would otherwise be priced out. In fact, over 1.6 billion people globally still rely on terrestrial TV. In Indonesia alone, it’s 250 million viewers. So much for TV being “dead.”

The idea that TV is on life support only holds if you view it through a very specific lens: a privileged, western, high-speed one. Elsewhere, it’s still the beating heart of cultural connection. So if you create for TV - you need to think about how your content can work on those TV channels internationally, not just for your home market.

So that’s why it might make sense for a streamer to buy a TV channel - where it can create its content ‘cut to clock’ and then sell it internationally - exposing it’s brand and deriving income on other platforms. Imagine Season 1 of Squid Games on TV - but seasons 2-3 only available behind a paywall. Or imagine unique content that sits FTA in some markets but then gets added to the streamer library in other territories.

Then think about ITV’s public service commitments - news and sports in particular. That would add a very interesting meat to a Netflix sized bone.

But hang on, if TV isn’t dead and ITV is so valuable, why sell?

Good question. The answer is because the timing is right.

Firstly it’s because it is in good shape. No-one wants to buy a broken cart horse destined for the knackers yard. ITV has stable leadership, solid revenue from ITV Studios, global partnerships, and a strong digital arm in ITVX. That makes it ripe for acquisition at a good price for it’s shareholders.

Secondly it’s also because ITV sees what’s coming:
The next stage of this game requires serious scale.
To fully compete with global players, they’d need vast new investment - cloud infrastructure, international FAST operations, AI-driven distribution, and aggressive rights expansion.

That’s not a gamble ITV wants to take alone.

Much smarter? Partner with a buyer that already has that infrastructure then evolve into a vertically integrated format machine with global reach.

It’s not a fire sale. It’s a pivot play

The final frame: it’s not dead - it’s Darwin

So whilst you may all think this is good news, a relief to read that TV is alive and here to stay for many years I believe, I also have a starker message. If you’re still waiting for the “return” of traditional TV Industry, stop. It’s not coming.

What we’re in now is evolution and sadly much more blood will be spilt. The sector is economically not fit for purpose - companies often led by people who don’t really understand how the digital age works and are still trying to put square pegs into round holes. The broadcasters and producers that survive will be the ones that stop behaving like legacy institutions and companies and start acting like multi-platform format engines.

ITV has the bones of that system. So the question isn’t whether it should sell - it’s who’s smart enough to buy it before the reset completes.

Because TV isn’t a funeral. It’s a transformation, and if you’re smart you’ll be part of that exciting new world.

And if you’re watching closely, you’ll see the shape of what’s coming next.

Agree? Disagree? Think a streamer should swoop in and buy the whole thing? Or does it make more sense for a production group like Banijay?

Hit reply - tell me what you think.