ITV has announced its half-yearly results today, boasting of profits for the company and a new strategy to move back into pay TV.
According to the broadcaster, ITV made pre-tax profits of £118 million, which is all down to an 18 per cent year-on-year increase of ad revenue.
Alongside the figures, ITV also announced it has struck a deal with Sky to offer its ITV2, ITV3 and ITV4 HD channels through the subscription service.
This was something that was strongly rumoured to happen.
Sky subscribers will receive the high-definition versions of these channels for no extra cost in October.
Speaking about the news, the newly instated chief executive of ITV, Adam Crozier, said: "For the past decade ITV has not faced up to the challenges presented by the rise of internet-based platforms, the continuing growth of pay TV and subscription services and the globalisation of content.
"Our priority for the next 18 months is to make ITV a creatively dynamic and fit-for-purpose organisation while maintaining strict financial controls.
"Over time we expect to move to a position whereby half of ITV's revenue base will be derived from non-television advertising sources and today we are announcing our move into pay television with the agreement to make HD versions of ITV 2, 3 and 4 pay channels on Sky."
It is also expected that ITV will broaden its online remit, focusing on delivering more content to its on-demand service.
This is significant, given that the company has seemingly spurned the advances of Hulu, effectively stopping the US streaming site's foray into the UK.
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