Simon Pitts, esteemed CEO of STV, the premier Scottish commercial broadcaster, has announced his resignation to embrace a new challenge as the CEO of the Global Group. Under Pitts’ leadership, STV has flourished, concluding 2023 as Scotland’s top commercial broadcaster with a commanding 20% audience share, surpassing industry giants such as Netflix, Channel 4, and Sky. Moreover, STV has celebrated its status as Scotland’s most-watched peaktime TV channel for the fifth consecutive year, boasting a 21.8% viewing share. This success is further underscored by a significant increase in online streams for STV Player (28%) and a rise in registered users to 5.7 million, surpassing the targeted 5 million mark.
Despite these achievements, STV faced financial headwinds in 2023, with a reported 69% decline in pre-tax profits to £5.3 million amid a challenging advertising market. Total advertising revenue saw a 12% decrease to £97.3 million. Nonetheless, STV Studios distinguished itself with standout productions and strategic acquisitions, marking a period of growth and diversification for the company.
Pitts reflects on the transition, noting the timely fulfilment of STV’s diversification goals and expressing optimism for the company’s future. He will commence his new role at Global Group in Q1 2025, succeeding Stephen Miron, who will transition to chairman after a 16-year tenure as CEO.
“Despite the challenging commissioning environment, STV Studios had a standout 2023, propelled by fantastic dramas like Criminal Record for AppleTV+ and Screw for C4 and the transformative acquisition of Greenbird. Our overall financial performance was impacted by weak linear advertising and cost inflation, as expected and related to the challenging UK macro environment, although the start of 2024 has been more encouraging.”
Simon Pitts – CEO, Global Group
Pitts expresses enthusiasm for his upcoming role at Global, a company he admires for its diversified portfolio and deep audience connections. His appointment is seen as a strategic move to leverage his extensive experience in broadcasting and digital media to further Global’s ambitions in the industry.
Ashley Tabor-King, CBE, Founder & Executive President of Global, commends Pitts for his transformative leadership at STV, highlighting his adeptness in steering the company towards a diversified and growth-oriented future. Tabor-King anticipates Pitts’ leadership will usher in a new phase of innovation and expansion for Global.
“I’m delighted to announce and welcome Simon Pitts as Global’s new Group CEO from Q1 next year. Simon joins Global with an incredible track record of leadership, growth, and transformation.”
Ashley Tabor-King – CBE, Founder & Executive President, Global Group
STV Board Chairman, Paul Reynolds, praises Pitts for his visionary leadership and significant contributions to the company’s evolution from a linear broadcaster to a dynamic content creation and digital streaming powerhouse. Reynolds acknowledges Pitts’ pivotal role in STV’s strategic diversification and his commitment to the company’s continued growth.
“On behalf of the board, I would like to thank Simon for his significant achievements to date and his ongoing commitment to implement the next phase of our growth strategy until he steps down over the next twelve months.”
Paul Reynolds – Board Chairman, STV
Simon Pitts’ move to Global marks a significant milestone in his illustrious career, following a 17-year tenure at ITV where he held several key positions. His leadership at STV has not only transformed the company but also set a robust foundation for future innovation and success. Pitts’ departure from STV and subsequent leadership at Global is anticipated to herald a new era of growth and creativity for both companies.
