Read this: What will happen to ITV when its luck runs out? - Media - guardian.co.uk
Summary: Eyes on the prize ITV enjoyed lower programming costs last year because there was no football World Cup. Revenues up in 2011, profits up, earnings up and balance sheet cleared of troublesome debt. They inherited a business on the rebound from the worst advertising recession in living memory, and, as anyone who has followed ITV's fortunes will know, difficult questions do not tend to be asked when revenues are rising. - guardian.co.uk
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