Dame Carolyn McCall, the chief executive of ITV since 2017, has characterized her tenure at the UK’s only listed commercial broadcaster as her most challenging leadership role to date. After nearly nine years at the helm, McCall’s stewardship has coincided with significant disruption across the television industry as streaming services such as Netflix and YouTube continue to erode traditional audiences and advertising revenues.

McCall, 65, previously gained recognition for transforming easyJet into a FTSE 100 company with substantial share price growth during her seven-year leadership of the airline. However, ITV’s shares have fallen by more than half since she took charge, reflecting the difficulties faced by legacy broadcasters competing with global streaming platforms. According to regulator Ofcom, while YouTube and Netflix’s viewing shares rose by one percentage point last year, ITV’s share dropped by a similar margin, accompanied by a 5 percent decline in advertising revenue.

The ongoing upheaval in the sector has prompted ITV’s recent announcement of a breakup, with Sky agreeing to acquire the broadcaster’s linear TV channels, the ITVX streaming service, and its stake in ITN and local news operations. The deal, valued at approximately £1.6 billion but incorporating a £200 million asset transfer and a potential £200 million performance-linked payment, is undergoing a two-phase regulatory review that could last up to a year. McCall described it as a “historic transaction” reflecting the need to reassess traditional broadcasters within a media landscape dominated by global streaming firms.

Addressing investor concerns over the deal’s valuation, McCall emphasized that ITV explored multiple potential buyers beyond Sky and Comcast, including two unnamed media groups. She attributed negative market reactions primarily to uncertainty surrounding the lengthy regulatory process. Nevertheless, she expressed optimism that the company’s remaining production business, ITV Studios—which has grown nearly 40 percent over eight years and ranks as the second-largest global TV production company—could thrive independently as a publicly listed entity.

Throughout her career, McCall has highlighted the challenges posed by evolving business environments and shifting investor dynamics. She criticized the decline in UK pension fund ownership of domestic blue-chip shares, which she views as detrimental to the country’s public equity markets and called for revised tax incentives to encourage long-term investment.

Reflecting on the broader media sector, McCall acknowledged the innovative strengths of companies like Netflix but noted the accelerating pace of disruption, particularly with emerging technologies such as artificial intelligence. While noting the difficulties ITV has faced, she remains focused on maintaining its cultural relevance and evolving its operations amid intensified competition.

Looking ahead, McCall signaled that she may transition away from executive roles and pursue opportunities as a board chair, drawing on her extensive leadership experience across diverse industries including media, aviation, and publishing. As she prepares to oversee the completion of the Sky deal, her tenure at ITV appears set to conclude amid ongoing industry transformation.