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BBC Studios has bought British broadcaster ITV‘s 50% stake in streamer BritBox International for £255 million ($322 million), the companies revealed on Friday.

The streamer was a joint venture between BBC Studios, which is the commercial arm of the British broadcaster. “The transaction will provide net proceeds including loan repayments and accrued dividends and after tax of around £235 million,” the companies said.

“The sale reflects ITV’s strategy of focusing on supercharging its U.K. advertiser-funded streaming service, ITVX and growing its global Studios division,” ITV added. “The board intends to return the entire net sale proceeds to shareholders through a share buyback which it expects to launch imminently after the full year results on March 7.”



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