Universal Signs British Programming Deal

Universal Studios has signed a two-year agreement to provide ITV Network, a leading broadcaster in Britain, with theatrical films and television series and movies. The transaction has an estimated value of more than $70 million and is indicative of the lucrative revenue streams that studios are generating from foreign markets. Competition from cable and new digital services in Europe is driving up prices of programming, benefiting all the Hollywood studios. While Germany has provided the biggest bounty for the studios, Britain, as the second-largest market, is also significant. Universal’s deal includes films released this year and last, including “The Nutty Professor” and “Liar, Liar.” Universal said this is the first agreement with ITV in more than eight years.