LONDON - U.K. TV networks giant ITV on Tuesday reported lower advertising revenue for the third quarter as the Summer Olympics coverage on public broadcaster BBC were a drag on the company's ratings and ad momentum.
But the company's ITV Studios content production arm continued to grow.
The TV company said though it has continued to outperform the overall U.K. TV advertising market despite challenges in the latest quarter.
ITV reported a 6 percent decline in advertising revenue in the third quarter, in line with or slightly better than most analyst expectations. For the full year, it continues to expect "broadly flat" ad revenue.
Total revenue rose 4 percent for the first nine months of 2011.
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