Media Breakup drama continues at ITV despite long run of profitable hit shows

Carolyn McCall enters her eighth year as boss of ITV; she might be forgiven for wondering if she should have taken the chance to run Marks & Spencer instead.

- Mark Sweney

McCall revealed the approach in 2016 while quashing speculation she was poised to leave easyJet, where her reputation had soared after she turned around the fortunes of the budget airline.

McCall didn't pursue the M&S job, but the following year accepted the role at ITV, officially taking over from Adam Crozier in January 2018. However, the Midas touch she enjoyed in the aviation sector has proven elusive in the TV industry.

When McCall, who was chief executive of Guardian Media Group from 2006-2010, joined ITV, its market capitalization stood at £7.25bn, a far cry from the sub-£2.5bn levels at which investors have valued the company despite her best efforts. The streaming era has ingrained in investors—and potential buyers—the belief that traditional TV viewing will remain in a downward spiral and that broadcasters such as ITV will not be able to exploit the digital age.