JUST what is ITC and what does it do? One of the vagaries of ATV House is that there is no ground floor through-way between the eastern and western halves of the building. Maybe this is one of the reasons so many members of ATV themselves have little idea of what is happening in the western sector, occupied by ITC.

The initials stand for Incorporated Television Company.

It is a wholly owned subsidiary of ATV , and it has a dual function.

ITC is responsible for all the film series — such as “William Tell”, “The Invisible Man”, “Danger Man”, “Supercar” and “Sir Francis Drake” — for ATV. It is also responsible for the sales of all ATV-produced programmes throughout the world.

The ATV organisation leads the way in the international sales of television product, through ITC, London and ITC (Independent Television Corporation) New York, the latter with a team of salesmen selling to stations throughout America and covering the Western hemisphere. The company has agents in Germany, Italy, France, Spain, Thailand, Japan, Manilla, Canada and Australia, as well as many others. It is the largest integrated organisation in the world for the distribution of TV programmes.

All over the world people are watching ATV. Overseas sales of the Company’s products, through its subsidiary ITC, now exceed 3,750 different programmes.

We are therefore playing an important part in Britain’s export trade, bringing into the country much needed foreign currency — a fact which is all too frequently forgotten by our critics.

PIONEERING

ATV decided six years ago to make a long-term investment by planning to break into world markets almost before they existed. Even today, the full potential has by no means been reached. Almost every week, new television stations are being opened in various parts of the globe.

It was obvious that television film series could not be made as economic propositions for showing only in our country. To get their money back, they would have to penetrate markets which would come into existence in the years to follow. The production of these series therefore represented a heavy ATV investment in the future.

This pioneering has resulted in an organisation which is now taking ATV programmes to almost every country.

The “Adventures of Robin Hood” series first broke the ice in smashing into the American market. More recently, our “Danger Man” series has won a new regard for British-made product in the United States and elsewhere, and “Sir Francis Drake” has just been bought for peak-hour network showing by N.B.C.

“Supercar” is also enjoying phenomenal and rapidly increasing success in America, with the result that ITC has just embarked on a new puppet series. “Fireball XL-5”, which is being produced by the “Supercar” team.

Mike Nidorf, president of ITC in America, is now visiting London, and is more enthusiastic than ever about the future of our product in the States. “It’s a hard battle”, he points out, “The American attitude is, ‘We’ve got enough of our own mediocre material without having to take any from other countries. But give us something that’s really good, and we’ll be glad to take it’. They are so pleased with ‘Supercar’ and ‘Danger Man’ that we now have greater opportunities than ever. From what I can judge of ‘Man of the World’, ‘The Saint’ and ‘Fireball’, we’ll really be going into orbit this year!”

“Man of the World” is now in production at Shepperton Studios with Craig Stevens starring, and “The Saint”, with Roger Moore in the title role, is being made at the ABPC Studios, Elstree. Both are one-hour shows of twenty-six episodes.

DUBBED

Many of our programmes are “dubbed” into French, Spanish, German, Portuguese and Italian.

Our shows can be seen on TV screens in such areas as Arabia, Australia, Austria, Belgium, Bermuda, Canada, Cyprus, Denmark, Egypt, Finland, France, Germany, Gibraltar, Holland, Hong Kong, Iran, Iraq, Italy, Japan, Lebanon, Luxembourg, Malta, New Zealand, Nigeria, Norway, Poland, the Philippines, Portugal, Spain, Rhodesia, Sweden, Switzerland, Thailand, Yugoslavia, Monaco and Czechoslovakia.

The adventures of John Drake in “Danger Man” are being followed just as avidly in such countries as Sweden, Poland, Germany and Portugal as they are in Britain. In Thailand the children are enjoying “Noddy in Toyland”. In Egypt and Japan they thrill to the adventures of William Tell.

DOCUMENTARIES

Sales abroad are not restricted to fictional TV programmes. Several of the documentaries we have made are being shown on overseas screens. Australia, Finland, Germany, Hong-Kong, Hungary, Malta, Norway and Sweden have all bought the brilliant documentary ATV producer James Bredin made in South America earlier this year.

ITC is right on the spot wherever new stations are opened, as with the new one at Lagos, Nigeria; another in Northern Rhodesia; one in Malta, and another in Gibraltar; and the soon-to-be-opened stations in Sierra Leone, Trinidad, and Nairobi. Australia has plans for several new stations as well.

If you’re working on programmes for ATV, don’t imagine that only home audiences are going to see them. You’re making them for viewers right the way round the world!

Our other interests

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THE work of ITC is only one of the ways in which the Company has been able to diversify its interests beyond that of being television contractor for London at the weekends and the Midlands, Monday to Friday.

Other companies in which ATV is concerned include:

ATV (Australia) Pty. Ltd.: This is a wholly owned subsidiary which has been operating for nearly four years in Sydney. It has holdings in seven radio stations and participates in the Australia-wide Macquarie Radio Network. Through a subsidiary called Artransa radio programmes are produced and sold in many countries outside Australia. ATV (Australia) also has interests in eight television stations in places such as Sydney, Adelaide and Brisbane.

Planned Musk Ltd.: All over Britain people in offices, factories, shops and restaurants are listening every day to Muzak — a selected programme of music piped to them direct from several centres which have been set up. This company was started as an ATV subsidiary over three years ago.

Pye Records Ltd.: The Company owns 50 per cent of this, the third largest record company in the country.

British Relay Wireless & Television: ATV has more than two million shares in this company which serves 17 metropolitan boroughs in London with wired TV and radio and has networks covering extensive areas of the West Midlands, Yorkshire and Scotland. Big plans for participation in coin-in-the-slot TV, when permitted by law, have recently been announced by BRW.

Canastel Broadcasting Co. Ltd.: A wholly owned company in Halifax, Nova Scotia which has investments in radio and television stations at Halifax and in a Vancouver TV station, and also the company which supervises the networking of programmes in Canada.

Ambassador Bowling Ltd.: This company has been formed to cater for the ten-pin bowling enthusiasts. A centre has been opened at Ipswich and another will shortly come into operation at Stevenage, Herts. Other centres are also planned.

The post World Sales for our Shows appeared first on THIS IS ATV NETWORK from Transdiffusion.

“Pretax profit highest in Group’s 17-year history”

The Seventeenth Annual General Meeting of Associated Television Corporation Limited was held in London on September 28th 1971. The following are extracts from the Statement by the Chairman, Lord Renwick of Coombe, K.B.E., for the year ended 26th March, 1972:

Results

The Group Profit of £6,240,000 [£70.3m in today’s money allowing for inflation – Ed] before taxation is the highest in the 17-year-old history of your Company.

This wholly admirable result shows an improvement of 27 per cent on the profit for the preceding year and fully justifies the confidence which I expressed at the time of the half-yearly interim statement.

This confidence remains unimpaired. Accordingly, your Board has recommended an increase in the total dividend for the year from 28½ per cent to 30 per cent, and proposes to recommend an increase in the Corporation’s share capital and a scrip issue.

Approximately half the Group Profit was derived from the Network operation and half from diversified activities. This is entirely healthy. And it is in both these fields that a continuing growth is to be foreseen.

Prospects for Television

From the Autumn of this year, the enforced restriction on broadcasting hours will be lifted, and ATV Network will be able to transmit programmes from mid-day onwards and thus provide the housewife with a full afternoon service of news, entertainment and information. This long-awaited development in the ATV Network operation is something which your Board has always been seeking.

The lifting of the restriction will mean that Independent Television in the Midlands will be on the air for an extra 40 hours a week. This extension of the Service will offer entirely fresh opportunities not only for new programmes, both local and national, but also for both new and established local and national advertisers.

The market demand is certainly unquestionable, and the extension of hours should be seen against the background of the year’s trading in which advertising revenue rose by nearly 14 per cent, from £14,255,000 [£160.5m] for 1970-71 to £16,232,000 [£182.8m] for 1971-72. It was this increased volume of sales, together with the reduction of Turnover Levy (£2,483,000 [£28m] for 1971-72 as against £3,865,000 [£43.5m] for 1970-71) which enabled the Network to do more than absorb the increase of nearly £600,000 [£6.8m] in the rental payable to the Authority.

Export Potential

Nor is large-scale growth foreseeable only in the operation of Television in the U.K. The export potential both for film series and for Special Programmes is enormous, and your production and distribution subsidiary ITC-Incorporated Television, and your American distribution subsidiary, Independent Television Corporation, are once again in a dominant position in the market. This situation could not have been achieved without a massive investment of some £7,000,000 [£78.8m]. Benefits from the income generated by this investment will be reflected in the current and subsequent years.

The other main subsidiaries are all in good order and offer assurance for the future.

Theatres

Stoll Theatres Corporation and Moss Empires enjoyed a year which fell only slightly below the previous record year and the present year promises well.

It remains to be said, however, that over the whole world of the theatre hangs the ominous question mark of Value Added Tax. If this tax — from which newspapers, for example, are to be completely exempted — is applied indiscriminately to the theatre, then the results will inevitably be far-reaching and deplorable. Such a tax, without alleviation, may well compel the eventual closure of certain Provincial theatres.

Records & Tapes

I am happy to be able to report that Pye Records has more than maintained its 10 per cent share of the total UK record production. Precision Tapes has, in its first two years of trading, achieved sales amounting to nearly one-third of the total UK market for tape cassettes and cartridges.

Music

Northern Songs’ music catalogue has been further strengthened by a new seven-year co-publishing agreement to cover future compositions with Paul and Linda McCartney. In order to rationalise, the whole of ATV’s interests are shortly to be re-grouped and controlled by ATV Music Limited.

Planned Music, which provides the Muzak service is also steadily expanding.

Indeed, within the Group the results of only two of the subsidiary companies, Ambassador Bowling and Bermans & Nathans, have proved disappointing.

Property & Investment

Of especial importance to the Corporation is your subsidiary, Bentray Investments Ltd., which is responsible for all ATV properties.

The last valuation of Land and Buildings was made in 1966, and a full re-valuation is being undertaken during the current year. This operation will serve not merely to enable a realistic figure to be quoted under Fixed Assets, but to provide a proper financial basis for the development of various of the Group’s valuable properties in London and elsewhere.

Up to date, Bentray’s major development — representing an investment of some £12,000,000 [£135m] — has been confined to Birmingham. The 29-storey, 200,000 square-foot office tower at ATV Centre will be available for tenancies by December.

In the Spring of 1973 the Holiday Inns Hotel at the Centre will be ready for occupation. During the coming year, therefore, the greater part of the whole six-acre complex will become revenue earning.

In June 1972, ATV’s holding of 4,290,000 shares in British Relay Wireless and Television Ltd., was disposed of for a profit before tax of £2,519,810 [£28.4m] and the cash inflow will serve most usefully to reduce current finance charges.

Directorate, Management and Staff

To the Corporation’s Deputy Chairman and Chief Executive, Sir Lew Grade, I must extend not only my thanks but my congratulations. ATV and Sir Lew are by now synonymous.

Finally, I extend my thanks to Management and Staff at all levels in Birmingham, Elstree, London, New York, Toronto, Sydney, Paris and Lausanne.

The post ATV financial results: 1972 appeared first on THIS IS ATV NETWORK from Transdiffusion.

The 14th Annual General Meeting of Associated Television Corporation Limited was held at ATV House. Great Cumberland Place. London, W.1. on 25th September, 1969 at 12 noon.

The following ore extracts from the Directors’ Report for the year ended 30th March, 1969.

Sir Lew Grade. Your Board was truly delighted to learn on January 1st that Her Majesty hod bestowed the honour of a knighthood upon Sir Lew Grade for his services to export. This wos a magnificent recognition of the untiring efforts Sir Lew has mode on behalf of your Corporation in overseas markets.

Queen’s Award. The Company’s 1968-69 year is memorable for another reason, for we were notified that your Company was to receive a second Queen’s Award to Industry for its export achievement.

GROUP RESULTS

The profit for the Group before levy and taxation is £11,042,000 [£152.5m in today’s money allowing for inflation – Ed] a decrease of £1,327,000 [£18.3m] from last year. After the payment of £5,431,000 [£75m] for Levy and £2,498,000 [£34.5m] in taxation, the Group profit is £3,113,000 [£43m], which is £300,000 [£4.1m] less than last year. The Board has considered these results and has decided to recommend a final dividend of 12.9625%, making the total distribution for the year 28.4625% (same).

Shareholders’ Funds are £24,238,000 [£334.8m], compared with £23,812,000 [£328.9m] for 1968.

BENEFITS OF DIVERSIFICATION

It must be recognised that ATV Network’s seven-day licence in the Midlands will be less profitable than the two-day London and five-day Midlands licence which ATV previously held. Not only is the income from advertising inherently lower, but servicing of the capital required to provide the new Midlands studios complete with equipment for colour, rising costs, the heavy incidence of S.E.T. and, above all, the increased rote of the Turnover Levy combine to produce a situation which cannot be regarded as other than financially unsatisfactory.

It is because the margin of profits of the television operation is bound to be severely reduced that your Directors are pleased to be able to report the success of their policy of diversification. In the year under review the profits of ATV’s non-television subsidiaries already amount to no less than 51% of your Group’s total profits and, in the current year, the advantages to your Corporation of planned expansion outside the television network operation will become increasingly apparent.

TELEVISION AND RELATED ACTIVITIES

New Midland Studios. We ore well pleased with the progress in completing our new television studios of Paradise Centre in Birmingham which will be available for transmissions from the target date next month. However, it will not be before the early part of 1970 that all parts of the Paradise Centre Television Studios will be fully operational.

Programmes. The centre of ATV Network’s activities is in its programmes. In spite of the many difficulties of the post year, ATV has once again produced a wide range of programmes of all types. There hove been indications of o reduction in the total amount of viewing for television programmes. The largest proportion of the decline has fallen to BBC programming in spite of its control of two channels ond monopoly of free advertising for its television programmes on BBC rodio. In the last six months, ATV Network’s proportion of the total television audience has risen substantially, ond now stands at approximately 56%, with BBC 1 and BBC 2 combined having 44%.

FILM PRODUCTION AND DISTRIBUTION

During the course of the year, this division of the Group further extended the already wide ranqe of its activities.

ITC’s sales effort embraces every category of film ond television programmes — from documentaries ond religion on the one hand through the whole range of drama series to international variety, sport ond feature films.

It is unprecedented for any British company to have four major variety shows and four filmed series on the American networks in the same year.

THEATRES

The Stoll Theatre Corporation has had another successful year. Total admission receipts were slightly up although, due to rising costs and in particular the unfair burden of S.E.T., profits were marginally down.

MERCHANDISING AND PUBLISHING

Your merchandising and general publishing activities are now grouped together under Century 21 Enterprises. The merchandising division has been successful in obtaining exploitation rights for properties both inside ond outside the field of television. We hove been appointed exclusive licensees to handle a majority of CBS properties in the U.K. A new children’s comic titled ‘Joe 90’ was successfully launched and ‘TV 21,’ our other children’s weekly, celebrated its fourth anniversory.

RECORDS AND MUSIC

Pye Records. During the year, we completed a re-equipment of our recording studios with the most modern equipment and we are now able to record in eight track. This technical improvement hos attracted a great deal of further business to our studios from other record companies and third parties.

New overseas licensing arrangements have been made in many overseas countries, including Japan, Denmark, India and Pakistan. We are also delighted to report that exports increased by 41% over the previous yeor.

Soho Record Shops. During the year we completed negotiations to acquire the remaining 49% of the Alex Strickland chain of retail shops called Soho Record Shops.

Other Developments. Negotiations hove been completed with General Recorded Tape Company of California to form a joint record company in the States and negotiations are progressing to form a joint company in the U.K. for the manufacture of recorded tapes, cartridges and cassettes. This is a development of major importance for our record ond music division.

Music Publishing. In line with our policy of planned expansion in the music publishing field, on agreement was reached for the purchase of a 32.1% share in Northern Songs, additional to the 2.7% which ATV already owned. As part of the agreement, an offer was made for the purchase of the remaining shareholding in the company. This offer has now lapsed and your Board is keeping the position under review. Meanwhile, Mr. Jack Gill and Mr. Louis Benjamin have been elected to the Board of Northern Songs to represent your interests.

Welbeck Music continues to flourish. It has extended its agreements with the Music Corporation of America and has also formed two new music companies with M.C.A.

PROPERTY AND INVESTMENT

Bentray’s first major development, Paradise Centre in Birmingham has got off to a good start. The television studios will be fully complete in the Autumn, approximately twelve months after a start was made.

We are now embarking on the second stage, the building of car parks, restaurant and multi-purpose Hall/Theatre together with some offices ond a canteen for ATV Network. The foundations of the tower block are also being laid at the present time and we hope this great feature in Birmingham will be completed in 1972. Negotiations for an hotel are also well advanced.

British Relay Wireless and Television Ltd. BRW, in which we have on important investment, continues to move steadily ahead. The Group is one of the largest rental and relay organisations in the U.K. and long-term prospects remain extremely bright.

Canada. During the year a contract was mode with Western Broadcasting Company of Vancouver to sell our investment holding company in Canada — Canastel Broadcasting Corporation — at a price around $2½million [C$20m]. The necessary Government consents have been obtained and completion was effected at the end of July. This sale represents a profit on the original investment of approximately $1 million [C$8m].

OTHER ACTIVITIES

Ambassador Bowling. In spite of the very adverse conditions in the Bowling Industry which resulted in the closure of twenty bowling centres operated by competitors, your subsidiary company, Ambassador Bowling, has remained profitable.

Planned Music. Soles of contracts for Muzak continue to improve and hove now reached a record level with a 20% rise on the preceding year.

Bermans. The post year turned out to be outstandingly successful for Bermans. Its profits increased by 70% to a record level. The Company’s established position as a leading costumier to the theatrical industry outside the United States has been further strengthened.

MANAGEMENT AND STAFF

The past year has been a difficult one for the United Kingdom’s economy as a whole and this has produced many snags and problems for the managements of your Group of Companies. In particular the problems arising in Independent Television have been extreme. Your Boord wishes to express its gratitude to the management of all ATV’s companies and their staff for their efforts over the past year.

The post ATV financial results: 1969 appeared first on THIS IS ATV NETWORK from Transdiffusion.

The 13th Annual General Meeting of Associated Television Corporation Limited was held at ATV House, Great Cumberland Place, London, W.1, on 26th September, 1968 at 12 noon.

The following are extracts from the Chairman’s Statement read at the meeting.

Since the year end we have been able to announce a further multi-million dollar U.S. deal for a new Millicent Martin television film series.

ATV Corporation is already one of the world’s greatest producers of filmed television series for international distribution. Current production costs run at some £7 million [£101.8m in today’s money allowing for inflation – Ed] a year and by 1970, when we will also be among the world’s greatest producers of feature films for international distribution, ATV’s annual expenditure will have been approximately doubled. Very large revenues indeed will by then be flowing in from overseas and these, of course, are in no way subject to the Turnover Levy which falls so heavily upon ATV Network.

A recent issue of The Financial Times quoted a table showing the major U.K. companies in order of merit judged by their net profit as a percentage of capital invested. We were delighted to see that ATV came fifteenth out of all British Industry. This is a very high tribute to your management team led by Mr Lew Grade our Chief Executive, Mr. Robin Gill our Managing Director and Mr. Jack Gill our Finance Director.

The financing of Paradise Centre and the Group’s general needs are being looked at with our advisers, so that we have the appropriate cash available for our planned expansion.

The following are extracts from the Directors Report for the year ended 31st March, 1968.

GROUP RESULTS

The profit for the Group, before Levy and taxation, is £12,369,000 [£179.8m], an increase of £530,000 [£7.7m] over the results of last year.

This improvement is more than offset, however, by the increased amount of Levy (£6,186,000 [£89.9m] this year as against £5,761,000 [£83.8m] last year) in respect of your Company’s ATV Network operation, and the increased amount of taxation (£2,770,000 [£40.3m] as against £2,348,000 [£34.1m] last year) for the Group as a whole. Levy and taxation together reduce the Group’s profit to £3,413,000 [£49.6m] which is £317,000 [£4.6m] less than last year.

In the light of these trading results, your Board nevertheless feels fully justified in recommending on increase in the rate of dividend for the year. The final dividend of 15.9625% will bring the total for the year to 28.4625% (as against 27.5% lost year). This represents the maximum increase permitted by the Treasury.

Shareholders’ funds are £23,812,000 [£346.2m], as against £22,708,000 [£330.1m] for 1967.

DIVERSIFICATION

The proportion of Group Profits attributable to Subsidiaries has, during the year, risen to 45% as against 42% in the previous year and 30% for the year 1965/66. Inspection of the Group’s Financial Statistics will, indeed, reveal that progress in the Group’s trading activities outside the TV operation has been both rapid and consistent, viz., the conversion of a net loss situation of £303,000 [£4.4m] in 1962 into a profit figure of £2,749,000 [£40m] in this year’s Accounts.

The value of Group Export sales for the year totalled £5,650,000 [£82.1m].

TELEVISION AND RELATED ACTIVITIES

New ITA Contract. ATV Network Limited was awarded the Independent Television Authority’s Contract for the Midlands Area for six years, commencing 30th July, 1968. This is the major Contract under the current allocation of the Independent Television Authority.

New Midlands Studios. By the end of 1969, the Television Studio portion of the new ‘Paradise Centre’ in Birmingham will be complete. These studios will be fully equipped for the start of Independent Television’s Colour transmissions at the end of 1969, and will be the most modem in the world. Every advantage will be token of the latest technological developments In the television field, and of our years of experience with colour programming at Elstree.

PROGRAMMES FOR ALL SEASONS

During the year your Company mode more than 1,000 contributions to the Network, and fully maintained its leading position among the Independent Television programme makers.

One programme, the Royal Variety Performance, established a new record. Designed as a charity show in aid of the Variety Artistes’ Benevolent Fund, and given in the presence of Her Majesty The Queen and His Royal Highness The Duke of Edinburgh, this production was seen in 11½ million homes, representing some 40 million viewers.

‘Spotlight,’ a production for CBS of America, and ‘Show Time,’ seen on the same trans-Atlantic network, were both among the Colour programmes produced in ATV studios. Indeed, in the whole matter of Colour, ATV has been to the forefront. Even while home-viewers could see ATV programmes only in black-and-white, the Documentary department has been producing in full Colour. One programme in particular, ‘The Last Shangri-La,’ has been internationally acclaimed for the beauty of its photography.

FILM PRODUCTION AND DISTRIBUTION

ITC—Incorporated Television Company. It is this company which is responsible for all ATV’s film productions, and for distribution of films and television programmes in the Eastern hemisphere.

The current production schedule is an unusually full one. No fewer than four series are currently being filmed. Sales, moreover, are fully abreast of production.

Independent Television Corporation. This company, which acts as distributor of ATV films and television programmes throughout the Western hemisphere, has enjoyed an outstanding 12 months’ trading. The current year promises to be equally rewarding. ATV Series ‘Man in a Suitcase,’ ‘The Saint,’ ‘The Prisoner,’ ‘Show Time,’ and ‘The Champions’ hove all been shown on the U.S. Networks.

Century 21 Productions. The puppet films made by Century 21 Productions are world-famous in television and cinema alike. A new TV series, ‘Joe 90,’ is now ready; ‘The Secret Service,’ a revolutionary piece of production in which a live actor doubles with his puppet counterpart, is already on the studio floor.

THEATRES

Stoll Theatres Corporation. This Group has enjoyed a record year. It is particularly pleasing to announce that your theatre, the London Coliseum, has now become the new Opera House for Sadler’s Wells.

RECORDS AND MUSIC

Pye Records. Pye Records had a conspicuously successful year with profits again reaching a new record level. In 48 weeks out of 52, it has appeared among the Top Twenty despite the increased efforts of American competitors.

Music Publishing. Our existing companies, Welbeck Music, New World Music and Jubilee Music, continue to produce excellent results, and active steps are being taken to enlarge the scope of our music publishing interests.

PROPERTY AND INVESTMENT

Properties. All the various property assets of the Group are being concentrated within our subsidiary company Bentray Investments Limited.

These properties make an exciting portfolio with every indication of steady income growth over the years. There ore also large-scale development possibilities in the long-term in connection with certain of them though, for the time being, there are Government restrictions on office development and building in city centres.

The first major development of Bentray will take place in Birmingham. This, the ‘Paradise Centre’ site adjacent to the Town Hall in the heart of the city, will ultimately comprise a 6-acre development which is unique in character, and the final cost could exceed £15 million [£218m].

Canada. Our investments in British Columbia Television and CJCH Halifax are held by our wholly owned subsidiary, Canastel Broodcasting Corporation.

British Columbia Television has commenced to pay dividends and the company has achieved excellent growth during the lost two or three years. In the cose of CJCH the progress is slower and the market a more difficult one. However, in our opinion the value of our investment is well protected.

OTHER ACTIVITIES

Ambassador Bowling. This company has continued to be profitable. Indeed, the general recession in the industry which has led to the closure of a number of competing bowling centres has proved a direct benefit to Ambassador Bowling.

Planned Music Group. Substantial progress was mode during the past year. It is calculated that approximately 3½ million people in the United Kingdom listen to Muzak every week, and this number is growing steadily. Worth-while contracts for the supply of equipment hove been obtained from Germany, Denmark, Switzerland, Norway and Israel.

Bermans. This company has hod the most successful year in its history. On the continent, Bermans is now recognised as the major film and theatrical costumiers of Europe.

MANAGEMENT AND STAFF

The Board wishes to express its most sincere thanks to those members of ATV’s staff at all levels who have so conscientiously served the Corporation during the past year.

The post ATV financial results: 1968 appeared first on THIS IS ATV NETWORK from Transdiffusion.

“POLICY OF PLANNED EXPANSION WILL BE VIGOROUSLY PURSUED”

Before I comment on the year’s results — which, for the fourth successive occasion, I must describe as truly excellent — let me refer to four important events in your Company’s history.

(i)        ATV Network Ltd., your wholly-owned subsidiary, has been awarded the seven-day-a-week Contract for the Midlands from 30th July, 1968, for a period of six years. This is the major Contract offered by the Independent Television Authority.

(ii)        Associated Television, the first television, film and programme producing Group to be recognized in this way, has been honoured by being chosen as a recipient of the Queen’s Award to Industry for Export achievement in 1967.

(iii)        The range of your Company’s operations is now so extensive that your Board has felt for some time that a new title would be more proper Accordingly, it is being proposed that Associated Television Ltd., the parent Company of the Group, should be renamed Associated Television Corporation Ltd.

(iv)        Mr. Lew Grade has been appointed a Deputy Chairman and Chief Executive of your Company, and Mr. Robin Gill has been appointed Managing Director.

GROUP RESULTS

The consolidated Profit and Loss Account shows a profit for the Group, before Levy and taxation, of £11,838,787 [£179.3m in today’s money, allowing for inflation – Ed], an increase of £779,476 [£11.8m] over the results of the previous year (£11,059,311 [£167.5m]).

The Levy on Television Advertising Revenue amounts to £5,761,068 [£87.2m] and is £328,702 [£5m] higher than last year. After deducting this levy, the profit before taxation amounts to £6,077,719 [£92m] (last year £5,626,945 [£85.2m]).

Taxation for the year is £2,348,188 [£35.6m] as against the previous year’s figure of £2,780,325 [£42.1m]. After adding back £528,697 [£8m] in respect of a provision for depreciation no longer required, the Group profit after deducting the Levy and taxation amounts to £4,258,228 [£64.5m] as compared with £2,846,620 [£43.1m] last year.

The Shareholders’ funds, at £22,708,000 [£344m], are more than £5,000,000 [£75.7m] greater than at the end of the previous year. The total increase since 1963 now amounts to £12,589,000 [£190.7m].

ATV GROWTH FACTOR. In an article, entitled “British Business Growth League,” published in the June, 1967, issue of “Management Today,” ATV was shown as the top company in the country for percentage increase in pre-tax profit for the period 1957-66.

In the same article, ATV was included in the list of Top Ten companies for percentage increase both in net capital employed and gross cash flow for the same period.

FUTURE PROSPECTS. I must refer to the disturbing economic conditions which prevail, but in your Company’s affairs, two major factors, both highly encouraging, now colour the whole situation.

In the first place, the matter of the ATV Network Licence is satisfactorily settled, and your subsidiary’s profitable working into the mid-1970s can realistically be predicted.

Secondly, in the year under review, the non-licence operations within your Group contributed some 42% to the Company’s overall profits; and the high level of these non-licence earnings should be at least maintained.

I am able, therefore, to inform shareholders that I find both sides of your Company’s activities in good order, and can assure them that our announced policy of Planned Expansion will be vigorously pursued.

ATV NETWORK

THE NEW MIDLAND CONTRACT. I have already referred to the new seven-day-a-week Contract for the Midlands (10.4 million population) which the Authority has awarded to your Company.

This is the Contract for which your Company applied. It enables us to enlarge our long-standing interest in the Midlands, and also to maintain the greatest possible output of programmes for the national network.

From the outset of Independent Television, ATV has urged undivided weekly working as preferable in every way to the weekday/week-end split; and your Company is delighted that it will now be able to provide the unified and unbroken seven-day-a-week service which the Midland viewer deserves.

Shareholders will appreciate that the previous short Licence period of three years, the extension of one year, and uncertainties as to the future shape of Independent Television, rendered long term planning impossible. For the first time, your Company con see a clear course ahead of it, and a new studio complex will be erected. Plans for this were commissioned over three years ago. The studios will be the most up-to-date in the country and will be built with all the requirements of Colour in mind.

Now that the Authority has clarified the whole position, and ATV Network con concentrate its interest on the Midlands viewer, the Board of ATV Network will be strengthened by the addition of leading Midlands figures, and resident Executive Directors from within the Company.

I am very happy indeed that it should be Mr. Bill Ward, for so long one of the key men in ATV who becomes an Executive Director of ATV Network. Mr. Leonard Mathews, who, as Midlands Controller, has played such an important role for the Company, has also been appointed to the Board.

THE MIDLANDS. Both local and nationally networked programmes hove shown a notable increase during the past year.

The daily serial, “Crossroads,” continues to enjoy top programme ratings, and the televising of the 500th episode in 1966 was celebrated by a dinner in Birmingham attended by viewers drawn from all parts of the United Kingdom.

ATV’s weekday network programme for children, “Tingha and Tucker Club” — the most popular in British television — has been joined by a Sunday network programme, “Tree House Family,” which is now seen in over 4 million homes.

The new regular weekly programme, “Midland Member,” enables a Member of Parliament from one of the 107 constituencies in the area to give a first-hand account of the work at Westminster; this is now recognised os providing one of the most important political contributions to Midlands life.

The magazine programme, “ATV Today,” continues to attract an audience of well over three million viewers; and, during the year ATV’s film unit covered more than 70,000 miles in collecting items for “Midland News.” No fewer than 66 Midland news stories provided by ATV appeared in the national news service of ITN.

In co-operation with the Midlands Police Forces, ATV has presented 52 episodes of the weekly “Police Five” programme. Over 250 crimes have been reported, and the police regard the information provided by television viewers as responsible, in at least ten per cent of the cases, for the successful outcome of police enquiries.

For the fifth successive year, ATV’s presentation of the Royal Show from the National Agricultural Centre, Kenilworth, received nation-wide coveroge.

VIEWING HOURS. ATV shareholders and the viewing public at large should be aware of the fact that your Company, in common with all other Independent Television companies, is denied the right to provide the full and comprehensive service which it is naturally anxious to present. Hours of transmission ore rigidly restricted by order of the Postmaster General, and protests from the Company have proved unavailing. The Authority has listened sympathetically, and is fully aware of the extra programmes which your Company is seeking to provide. Your Company has all the facilities for the immediate provision of the extra hours. Nevertheless, the ban remains, in spite of the fact that the BBC with its two services now provides some thirty more hours of broadcasting each week than is permitted to Independent Television.

COLOUR. In my last Report I stressed the fact that the ATV Network studios at Elstree would, by the autumn of 1966, be fully equipped for Colour operations in the various international line standards. This has been accomplished, and major drama productions electronically recorded in Colour now include three plays, namely “Ivanov” with Sir John Gielgud; “The Tormentors” starring James Mason and Stanley Baker; and “Present Laughter” with Peter O’Toole and Honor Blackman.

Light entertainment productions in Colour include the two-hour programme, “The Heart of Show Business,” in aid of the Aberfan victims; a series of 13 one-hour productions, “Piccadilly Palace,” with Morecambe and Wise, and Millicent Martin; and a series of 26 one-hour programmes, “Spotlight,” with British, American, and other international star artists.

All these productions are additional to the Colour programmes on film, to which I have referred earlier, and to mony documentary programmes made in Colour. Taken together, they constitute the largest library of TV Colour productions in Great Britain.

I am delighted that one of our news film teams, Mr. Gary Hughes and Mr. Noel Smart, should have won the Bronze Medal in the “hard news” section of the 1966 British Television News Film awards. This is the second year running in which ATV network has won on award.

ALPHA STUDIOS, ASTON. ATV Midland transmissions are co-ordinated through the Presentation Centre of Aston, either for networking or for routing to the Authority’s transmitters at Lichfield and Membury.

The Alpha Studios accommodate nearly one hundred hours of rehearsals, recordings and transmissions each week.

SALES. During a year in which there was a standstill in television advertising rates under the tight economic conditions of the “Squeeze,” the Sales Department of ATV Network nonetheless achieved an increase in net revenue of some 4½%. This growth was accomplished in a year when total national advertising appropriations fell for the first time since 1946.

ATV Network has developed the whole scope of television advertising. Holiday Tours, Fashion, and the Big Stores ore all now represented on the London screen; and, in the Midlands, the service has been extended to small businesses, retail shops and garages. Local advertisements now amount to some 1,500 a year. Moreover, industry throughout the Midlands responded warmly to the introduction by ATV Network of a Staff Recruitment Bureau, and viewers have been informed of over 500 vacancies, ranging from drivers and clerks to management accountants and project engineers.

ATV’s “Midlands Merchandiser,” a trade paper for grocers, now reaches more than 8,000 shops, and provides the only service in the industry which forms a direct link between television and the retailer.

“TV WORLD.” The programme journal for the Midlands is owned jointly by ATV Network and ABC Television, and is published by Odhams Press.

From the outset, this magazine set up new publishing records. The circulation has risen steadily from 640,000 when the magazine first appeared in September, 1964, to the figure of over 737,000 at which it stands today. A long and prosperous future had, therefore, confidently been foreseen. Under a new ruling by the Authority, however, separate programme publications will cease after July, 1968, and a national weekly, with regional editions, published on behalf of all companies will supersede them.

I must, on behalf of viewers in the Midlands, enter a plea that the distinctive character and individuality of “TV WORLD” should be preserved intact in the new publication.

EXPORTS

QUEEN’S AWARD FOR EXPORT ACHIEVEMENT. “Her Majesty The Queen has been graciously pleased to confer Her Award in 1967 upon Associated Television Ltd., London, W.1, for export achievement” — I quote the wording of the official citation which gave the world of British entertainment its first Queen’s Award to Industry.

The formal presentation of the Award was made by Major-General Sir George Burns, Lord Lieutenant of the County of Hertfordshire. The ceremony, which the Postmaster-General and members of the Independent Television Authority attended, took place on 4th July in your Company’s Elstree Studios.

I will not attempt to conceal my feelings of pride when I first read the Royal message. Nor will I conceal the fact that I regard it, in unique degree, as public recognition of the untiring work and devotion over the years of one man, your joint Deputy Chairman and Chief Executive, Mr. Lew Grade.

Shareholders should know that the establishment of a television export market for films has been a long, arduous and, at the outset, a heart-breakingly frustrating business. One by one, Mr. Grade has overcome the objections raised by foreign buyers when offered British products; and it is not too much to say that, through his efforts, your subsidiary, Incorporated Television Company, is now one of the most sought-after production sources in the world.

Knowing the strains that are involved in the many and complex transactions I am glad to think that, on his visits abroad, Mr. Grade should have your Managing Director, Mr. Robin Gill, there beside him. Together I believe, they represent the world’s strongest partnership in television film production and international distribution.

ATV EXPORTS TODAY. The turnover figure for your Company’s export of television programmes continues to rise steadily. U.S. dollar sales have passed the $10,000,000 [$91.1m] mark and sales in the European Hemisphere have correspondingly increased. There is every indication that this present trend will not only be maintained, but will be improved upon.

INDEPENDENT TELEVISION CORPORATION. This year your Company will have no fewer than five Colour television series on the American networks. This is the highest number in the history of the Company. In addition, a number of individual plays and documentaries have been sold to the American networks.

These results in the United States could not have been achieved without your Company’s American subsidiary, Independent Television Corporation.

INCORPORATED TELEVISION COMPANY. Nor could these export results have been obtained had it not been for the magnificent work of your production group, Incorporated Television Company. The schedule of work in hand has never been so extensive as at the present moment, and the following series, all in Colour, are currently reaching completion: “Man in a Suitcase”; “The Prisoner”; “The Saint”; “Spotlight”; “Piccadilly Palace”; “The Champions.”

The wealth of British talent among producers, directors, script writers and actors available to I T C has led to a deal with United Artists for three feature films starring Roger Moore. Further feature film productions are in negotiation. All of these are for distribution to cinemas throughout the world.

In addition to its production activities, Incorporated Television Company is responsible for Eastern Hemisphere television sales where the year produced record results. Your company’s programmes are now being shown in 62 countries on this side of the Atlantic alone.

THEATRES

STOLL THEATRES CORPORATION. I am happy to be able to report that this Group, under the chairmanship of Mr. Prince Littler, has enjoyed another successful year.

The current production, “Fiddler On The Roof” at Her Majesty’s Theatre has proved a triumph, and “There’s A Girl In My Soup” at the Globe Theatre has established itself as one of the outstanding attractions of the West End stage. Earlier in the year the centre of theatrical London was to be found at the Queen’s Theatre, which housed Noel Coward’s “Suite In Three Keys,” and the National Theatre Season.

The London Palladium pantomime, “Cinderella,” again broke all records, and “The Black & White Minstrel Show” at the Victoria Palace continues undiminished into its sixth year.

The satisfactory results of the Stoll Theatres Corporation have been achieved despite the dual burdens of Selective Employment Tax and rising costs. Elsewhere in the West End, however, and among the provincial theatres the effects of rising costs and S.E.T. have been most damaging.

PROPERTIES — CENTURY 21 — PYE RECORDS — MUSIC PUBLISHING – MUZAK — BOWLING

PROPERTIES. During the year we have brought our many property interests together within Bentray Investments. We now have a steady programme of improvement and expansion planned for the years ahead.

CENTURY 21. On both sides of the Atlantic it is acknowledged that the “Thunderbirds” series of Gerry and Sylvia Anderson established entirely new levels in film-making ingenuity. Equally remarkable technical advances have now been achieved with a new range of puppets which will be seen for the first time in “Captain Scarlet,” a series of 32 half-hour episodes currently in production in Colour.

CENTURY 21 MERCHANDISING LTD. — PUBLISHING LTD. — TOYS LTD. The business of these three companies is the exploitation of subsidiary rights in television and motion picture properties.

In conjunction with City Magazines Ltd., a subsidiary of the “News of the World,” four children’s weeklies are now being produced and “TV Century 21” and “Lady Penelope” in particular enjoy outstanding success.

PYE RECORDS. The year’s trading has been highly satisfactory. Among Pye Records successes are the First and Second Prize winners in the Eurovision Song Contest. Pye Records has, furthermore, established its Marble Arch Label in the forefront of the growing market for lower-priced LPs.

Overseas, the sale of Pye Records has increased by nearly 9%.

MUSIC PUBLISHING. Our joint companies with Chappells are progressing well.

MUZAK. Over 180 leading companies, practically all household names in British industry, now have the Muzak service of background music installed in one or more of their premises. The rate of recruitment to the Muzak service is greater than at any previous time in the company’s history, and shows recognition of the fact that Muzak provides the only programmed background music service with completely non-repetitive new programmes every day.

AMBASSADOR BOWLING. This company continues to operate profitably despite reduced attendance at bowling centres throughout the country.

TOP DIRECTION — YOUR BOARD – INDUSTRIAL RELATIONS — ATV STAFF

TOP DIRECTION. The rate at which your Company has developed and the steadily widening scope of what I have referred to in earlier Reports as our policy of “Planned Expansion,” has necessitated a new framework at the top.

The new post of Chief Executive has been created, ond this will naturally be filled by Mr. Lew Grade. Knowing, as I do, what every phase of your Company’s activities owes to the brilliant direction of Mr. Grade, let me add that it is only fitting that he should also be appointed a Deputy Chairman of your Company.

The name of Mr. Grade is synonymous with the emergence, over little more than a decode, of the name of ATV as a Company of world-wide standing; and I am delighted to have this opportunity of congratulating him.

I can, moreover, regard myself as fortunate in having on the Board a Deputy Managing Director in the person of Mr. Robin Gill, to whom the wider duties of Managing Director can so confidently be entrusted. I om happy to add my thanks to Mr. Gill for the great part which he is playing in your Company’s affairs. The partnership between Mr. Grade ond Mr. Gill to which I have referred earlier in connection with our Overseas Sales, is one which I am happy to say extends also to every aspect of your Company’s business.

During the post year. Mr. Grade become Chairman of Independent Television’s Network Planning Committee, and Mr. Robin Gill hos been asked to continue for a further period as Chairman of the Independent Television Companies Association.

My thanks, too, must go to the Company’s Finance Director, Mr. Jack Gill whose contribution to the running of the Company has proved of immense value.

Finally, I have to report that, owing to other business commitments, Mr. R. P. T. Gibson has tendered his resignation from your Board. Mr. Gibson has been a Director of your Company since 1957, ond I om only sorry that this long connection should now be broken.

BOARD OF ASSOCIATED TELEVISION. Let me say how deeply appreciative I am of all the help which I have received over the year from the various members of your most distinguished and experienced Board.

INDUSTRIAL RELATIONS. Despite the unprecedented problems set by the Government’s Prices and Incomes policy, the Group has been able to continue its progressive approach towards the Unions, and has maintained good relations with its staff and with the Unions with which it negotiates.

A completely new system to productivity payments on the part of ATV Network Ltd. was worked out with the Unions and has been approved by the Ministry of Labour. New inter-Union arrangements were negotiated for Century 21 Productions, and these will eliminate various awkward lines of demarcation.

MANAGEMENT AND STAFF. My co-Directors join me in expressing their warmest thanks to everyone at all levels: Managerial staff, sales staff, accountancy staff and secretarial staff play their part equally with the technicians, the skilled craftsmen and the artistic producers and directors within the Company, and without their loyal and untiring efforts these admirable results could never have been attained.

The post ATV financial results: 1967 appeared first on THIS IS ATV NETWORK from Transdiffusion.

“Trading Profit £5.5 million”

“Another Excellent Year”

In my 1964 Statement I was able to report “an excellent year’s trading”, and I added that I had “every confidence in your Company’s prospects for the ensuing year”.

I am now happy to be able to say that my prediction has proved justified. Associated Television Limited has enjoyed another excellent year — in fact, despite the effects of 8 months’ levy on turnover, the second most profitable in the 10 years’ history of your Company’s activities.

The consolidated Profit and Loss Account shows that the profit of the Group, before taxation, stands at £5,522,348 [£88.9m in today’s money allowing for inflation – Ed] for the 52 weeks to 4th April, 1965.

EXPORTS

This year has been historic as the first in which ATV has broken into the American networks. The series “Danger Man” — re-named “Secret Agent” in the United States — was sold to CBS. Its reception was unprecedented. Following upon three shows which hod failed one after the other it promptly reached first place in the national ratings for programmes in that time period. In consequence, CBS has now placed an order for a further series of “Secret Agent” for next winter. The United States contracts for “Secret Agent” alone ore worth more than $3,000,000 [$30m].

The unique puppet series, “Stingray”, has now earned the highest prices ever paid in syndication — that is to say in sales to individual stations throughout the United States The revenue from this series will, it is estimated, exceed $1,500,000 [$15m] in the United States alone.

During the year 1964/65, overall exports to some 100 Countries throughout the world have resulted in a Sales revenue of nearly £2,000,000 [£32.2m]; and in the current year this figure should be passed by a very substantial margin.

EXCHEQUER LEVY

The levy on turnover, collected by the Independent Television Authority on behalf of the Exchequer, will be in force for the whole 12 months of the ensuing financial year (1965/66). This levy rises at the top end of the scale to no less than 45% of advertising receipts — the highest rate of discriminatory taxation in the history of British industry.

It would be idle to pretend that the effect of the levy on your Company’s profits will not be adverse. It cannot be otherwise. On the other hand, it would be totally misleading to attempt any direct equation between the amount of the levy and the resultant amount of the profits.

In the first place, your Company’s revenue from advertising is substantially higher than it has been at any time in its history: this is due to the exceptional performance of the ATV Sales department. Secondly, internal economies affecting every phase of the ATV operation except programme production have already shown good results. Thirdly, the benefits of diversification are apparent in the form of additional revenue coming from sources which are not subject to the television levy.

EXPANSION

ATV’s policy has been one of planned expansion in those fields in which your Directors and their Management have the widest background of experience and therefore the greatest contribution to make for the future. It was in line with that policy that your Company made its largest and most important single investment by acquiring the whole of the share capital of the Stoll Theatres Corporation Ltd , and of Moss Empires Ltd.

In London, the Stoll Theatres Corporation controls — either freehold or leasehold — the following theatres Coliseum (leased to Cinerama Ltd); Palladium; Victoria Palace; Hippodrome (leased to “Talk of the Town”); Apollo; Her Majesty’s; Globe; Queen’s; Lyric; Phoenix; and Theatre Royal, Drury Lane. And in the provinces: Birmingham Hippodrome; Bristol Hippodrome; Brighton Hippodrome; Liverpool Empire; Manchester Palace; Manchester Hippodrome (site awaiting development); Morecambe Winter Gardens; Nottingham Empire (closed); Nottingham Theatre Royal; and Stoll Picture Theatre, Newcastle-upon-Tyne. Considerable as these interests are, they do not in any sense constitute a monopoly of the live theatre, either in London or in the provinces. Nevertheless they do provide a wide and substantial bridge between Television and the Theatre, and I am fully satisfied that this is to the advantage of both.

Still pursuing our line of planned expansion within the entertainment industry, in October of last year your Company purchased a controlling interest in M Berman Ltd., one of Britain’s leading firms of film and theatrical costumiers.

ATV AWARDS

Throughout the country the programmes produced by Independent Television have been preferred to those produced by the BBC in the ratio of 64% to 36%, and the programmes of ATV have greatly contributed to this success. Indeed, never before have so many distinctions for programmes been earned in any one year by the artists, personalities, writers and producers connected with a single Company.

The Guild of Television Producers and Directors made four ATV awards; The Screen Writers Guild made four ATV awards; The Variety Club of Great Britain made three ATV awards; and The Television Society two ATV awards. The awards constitute the acceptance of the outstanding position of Mr. Bernard Braden as the ITV personality of the year, and of “The Plane Makers” as the outstanding dramatic series of the year.

AUDIENCE

The Authority’s transmitter in the London area, where ATV is responsible for the week-end operation, reaches a potential audience of 13.8 million. In the Midlands, where ATV is responsible for the week-day operation, the audience has — as a result of the opening on 30th April, 1965, of the Authority’s Membury relay transmitter — now risen from a potential audience of 8.7 million to one of 9.2 million. This increase in audience potential will in due course be reflected in the revenue-earning potential of the Midand operation.

THE MIDLANDS

During the year we have entirely reshaped the pattern of our regional programmes in the Midlands. At a regular time throughout the week-days, our viewers now see a daily Midlands news and news magazine programme (“ATV Today”). ATV Midlands moreover has established the first successful five-day-a-week serial in British television. This programme, “Crossroads”, originating in the Alpha Studios in Birmingham, has now spread across almost the whole national network, and regularly appears in the regional Top Ten ratings. A national critic recently went so far as to say: “‘Crossroads’ is the biggest television success of 1965”.

COMMONWEALTH

In the past I have indicated that our investment in television companies in Canada has proved disappointing because of the heavy initial losses which these companies incurred. I am now, for the first time, able to report that the companies are soundly profit-making and that the value of ATV’s Canadian holdings has correspondingly increased.

ATV (Distributors) Pty. Ltd., is in the happy position of having been able to arrange sales in Australia of all the major ATV series and programmes which they have been asked to handle.

EDUCATION

ATV has continued to produce three fully networked programmes for schools. These have been well received throughout the entire country In the Midlands, where ATV maintains its own Education Officer, the number of schools in which there are provisions for regular viewing has increased during the year from 1,130 to 1,480.

Outstanding in the field of adult education was the series devised by Mr. Harold Wiltshire, Director of Adult Education at Nottingham, and produced by ATV in co-operation with that University. For the first time in the history of adult education on television in this country, the series (on basic economics) offered viewers the opportunity to enrol for a correspondence course based on the programmes and to have personal contact with tutors. Over 1,600 viewers enrolled, and a further course on a national basis is now being planned.

PYE RECORDS

Pye Records, which is 50% owned by ATV, has enjoyed a year of overall success and of individual successes.

On no fewer than five occasions, records under the Pye label reached the Number One position in the British Top Ten listings. Moreover, during this period British pop discs in general, including those of Pye Records, achieved a new fashionable status in the American market. No one would ever presume to predict how long any trend will continue in the pop record field particularly in the U.S.A. but, as a result of the sudden British boom — described by some critics as a “cult” — the dollar earnings of Pye Records more than doubled. Elsewhere in the world, where the trends are usually steadier, overseas sales of Pye Records have shown on increase of more than 50%.

BOWLING

Ambassador Bowling profitably operated 10 Tenpin Bowling Alleys with a total of 273 bowling lories. Three new Centres were opened during the course of the year — in Hounslow, Wolverhampton, Edgware.

Approximately 250,000 people visit our Centres each week. Tenpin Bowling is a sport which covers all age groups but, it should be noted, by far the greatest numbers fall between the ages of 16 and 26.

“TV WORLD”

The new weekly Midlands programme journal, “TV World,” published by Odhams Press Ltd. and jointly owned by ATV which provides the week-day programmes in the Midlands and by ABC Television Ltd. which provides the Midlands week-end programmes, was launched on 26th September, 1964. Its success was immediate. The circulation has grown consistently and now stands close to the 700,000 mark.

MUZAK

Though in the post the growth of this service of background music for offices, factories and public areas has proved slower than anticipated, the position has appreciably improved during the past year. The total value of contracts secured stands at a figure in excess of £1,000,000 [£16.1m], and is now growing rapidly as the benefits of the service become more widely appreciated.

MANAGEMENT AND STAFF

It would have been impossible for me to write in such confident terms of ATV’s overall buoyancy and prospects for the future if it were not for the vigorous, zealous and able leadership given to the Company by the Managing Director, Mr. Lew Grade. I also send my most sincere thanks and those of my colleagues on the Board to all the Staff throughout the Group for their loyal and hard work.

The post ATV financial results: 1965 appeared first on THIS IS ATV NETWORK from Transdiffusion.

“An Excellent Year”

The Ninth Annual General Meeting of Associated Television Limited will be held on Thursday, 10th September, 1964, at 12 noon at ATV House, Great Cumberland Place, London, W.1.

The following are extracts from the circulated statement by the Chairman, Sir Robert Renwick, Bt., K.B.E. :-

On the 7th January, 1964, the Independent Television Authority informed your Company that the licence to broadcast in London on the week-ends and in the Midlands during the week-days was to be renewed after the expiry of the present licence on the 29th July of this year.

In the light of that event, it is all the more gratifying to be able to report an excellent year’s trading both in the home market and in the export field; and I may add that I have every confidence in your Company’s prospects for the ensuing year. The profit of the Group before taxation is £5,460,424 [£91.9m in today’s money allowing for inflation – Ed]. It will be noticed that the profit stands £2,054,710 [£34.6m] higher than for the 11 months of the Company’s 1962/63 financial period.

Your Board recommends the capitalisation of £4,650,000 [£78.3m] to be applied in paying up in full 18,600,000 “A” Ordinary Stock Units of 5s. each to be issued to Ordinary Shareholders and “A” Ordinary Stockholders on the basis of 4 “A” Ordinary Stock Units for every £1 Ordinary Share and 1 “A” Ordinary Stock Unit for every “A” Ordinary Stock Unit held by them respectively on 12th August, 1964. This will necessitate an increase in the authorised capital of the Company.

NEW LICENCE

The renewal of your Company’s licence is for three years from the 29th July, 1964, or until the opening of a second Independent Television Service, whichever shall be the sooner.

The licence provides that, if the date for the start of the second Independent Television Service should be after July 1967, the Authority may (subject to a review of rentals) extend the existing licence for a maximum period of a further three years. The immediate uncertainties which had been hanging over the whole television industry have thus been removed, and your own Company has been able to re-organise its operations in readiness to meet the changed conditions of the future.

The terms of the new licence which came into effect at the end of July of this year do not by any means follow the lines of the licence under which your Company has been operating since 1954. Quite the contrary, in fact.

First the levy on turnover, against which I had protested so strongly when the Government’s White Paper appeared in March 1963, begins to apply in August 1964. The amount of this levy on turnover – additional, it must be remembered, to normal income tax and profits tax – will, as far as can be judged, amount to something in the order of £4,500,000 [£75.8m] on a full year’s trading.

There is, admittedly, some respite inasmuch as, in the financial year 1964/65, only 8 months of turnover will be subjected to this reprehensible impost. This relief is, however, only temporary. And it is because the full effects will be felt in the financial year 1965/66 that your Board is taking active measures, which I believe will prove effective, to safeguard the overall financial position of your Company by building up additional revenues not subject to the Television Turnover Levy.

In this Report I am able to speak of the Company’s future with greater confidence than I have felt at any time during my Chairmanship. This is in no small measure because of the policy of growth through diversification consistently pursued by your Board. And I am happy to be able to say that there has been an overall improvement in your Company’s subsidiary activities.

MULTIPLE INTERESTS

Our production subsidiary, Incorporated Television Company Limited, has once again increased its volume of sales of film series and telerecordings in the Eastern Hemisphere.

In the Western Hemisphere our American subsidiary, Independent Television Corporation, has increased its sales to a figure in excess of $4,600,000 [$45.1m].

Late in 1962 we acquired the share capital of the A.P. Films group of companies, which includes a vigorous and expanding merchandising company. A.P. Films are the producers of the popular puppet film series “Supercar” and “Fireball XL5”. Their latest and most advanced production in colour, “Stingray”, is scheduled for showing in this country in the autumn and has already been offered a network showing in the U.S.A. I have never before predicted the success of any television series but, on this occasion, I do so without hesitation.

Our Australian group has continued to show satisfactory profits with improving results from television operations, and the decline in revenue from the radio operations resulting from the impact of television competition has been halted. For some time, however, your Board has been feeling that with the Company’s already large and steadily increasing activities in the film distribution field it would be better if it held no interests in individual stations and was therefore able to deal with all possible customers on terms of strict impartiality. Accordingly, since the year end we have sold our Australian interest to Fairfax Corporation Pty. Ltd. at a price of £2,060,000 [£34.7m] which compares with a book value of £543,815 [£9.2m]. We have excluded from the sale our Australian Television Programme Distribution Department which will be incorporated into a new company. The distribution operation, it should be noted, has been providing approximately 25 per cent of the profits derived from the Australian investment.

Commercial television in Canada has been gaining ground, and both stations in which we have an interest have now reached a profit-making stage though initial losses remain to be recouped.

Muzak, our background music service, continues its planned growth and your Board is confident that it will become profit-making in the not too distant future.

Ambassador Bowling Limited is already operating profitably and with the continuing increase of the popularity of this sport your Board is satisfied that this will prove a most rewarding investment.

Pye Records Ltd., of which your Company owns 50 per cent., has made most encouraging progress in the past year and there is every indication that the current financial year will show rapid and continuing expansion.

RANGE OF PROGRAMMES

The range of Independent Television programmes, already wide, grows steadily. Among the more serious contributions which have attracted large and attentive audiences are the weekly “Ombudsman” programmes, “Fair Play”; the highly topical and penetrating “Braden Beat”; the series of three programmes by Sir Kenneth Clark, “Discovering Japanese Art”; and the three programmes by Mr. Felix Greene on Red China which contained entirely new and hitherto unobtainable film material.

The programme year was memorable, moreover, for the second “Golden Hour” from Covent Garden in which Maria Callas and Tito Gobbi appeared in the whole of the second act of “Tosca”. This performance was seen by more than 9,000,000 viewers.

Adult Educational programmes in which, as the week-end Contractor in London, your Company has pioneered, continue to achieve successes which educationists in previous generations would have regarded as impossible. To cite an example, “Mesdames, Messieurs”, the adult French series, is regularly watched by some 300,000 viewers, and the companion volumes published on ATV’s behalf by Penguin Books have already sold over 60,000 copies.

ATV’s religious broadcasting amounted to 50 hours. It included the Coronation of Pope Paul in Rome; “Requiem for a Dead Statesman”, an anthology on the occasion of President Kennedy’s death; and the two programmes “Church and State” in which the Rt. Hon. R. A. Butler and the Rt. Hon. Harold Wilson appeared on successive Sundays.

During the year there has been a marked increase in the number of Outside Broadcasts reflecting the life of people whom we serve within the area of the Lichfield transmitter. The most notable of these was the two-hour broadcast of the celebrations at Stratford-on-Avon on the occasion of the 400th anniversary of Shakespeare’s birth.

“Midland Farming”, it is most pleasing to be able to report, has been cited by the National Farmers’ Union as “the most instructive farming programme on the air”; and the daily “Midlands News” – the first regional news programme in Independent Television – continues to command a major audience.

In the field of public service, it is good also to be able to add that “Police Five” has earned the special commendation of the Force in having helped in the apprehension of wanted criminals.

The number of homes in the London area capable of receiving Independent Television is now approximately 3,300,000. Your Company serves this public at week-ends. In the Midlands the number of homes is close on 2,000,000 and your Company serves this public on all five week-days.

SECOND INDEPENDENT TELEVISION SERVICE

In my Report last year I reminded you that on the 27th June, 1963, the Postmaster General had announced in the House of Commons that by 1966, when there should be not fewer than one and a half million sets in London capable of receiving a new 625-line service in UHF, he would authorise a second Independent channel in the main areas.

This announcement was greeted with especial acclamation by your Board because, throughout the whole history of Independent Television, we have consistently been advocating the introduction of genuine competition which would put an end to the present monopolistic system which exists in all areas.

With the foreseeable increases in advertising expenditures, or even with advertising expenditures remaining steady at their present level, there is an entirely sound financial foundation for two good and effective Independent channels in all the main areas.

Two facts, however, must be faced. First, it should be recognized that the levy on turnover was introduced by the Government in order to level off the high profits arising during the present monopoly phase and that this levy will have to be abolished entirely when companies are in direct competition one with another. Secondly, for some years to come there is bound to be a wide difference in the number of television sets capable of receiving the new 625-line UHF service and those capable of receiving only the original 405-line VHF service. This discrepancy is sometimes advanced as a reason why competition is impracticable and the question is asked “How can any company awarded the UHF licence possibly hope to survive?” The straight-forward solution which your Board would be most happy to accept is that of awarding licences for operation in alternate weeks on VHF and UHF respectively thus placing rival companies on an exact equality. It may be added that a simple matter of inter-company networking would ensure the continuity of programming which the public would have a right to expect.

Your own Board looks forward with eagerness to the day when we shall be empowered to operate a seven-day-a-week service, free of levy, and in full competition with a rival licensed company.

In the whole wide and, I trust, expanding field of British broadcasting the chief grounds for concern would appear to be the heavy costs involved in the operation of BBC 2 and the amount by which the BBC will be seeking to get the Government to agree to increase the licence fee, which already stands at £4 [£67]. A heavy licence fee is naturally a serious deterrent to the whole television industry, and must therefore be resisted.

The post ATV financial results: 1964 appeared first on THIS IS ATV NETWORK from Transdiffusion.

REASONS FOR DECLINE IN PROFITS

LEVY ON TURNOVER A DISTORTION OF TAXATION PRINCIPLE

GOOD NEWS REGARDING SECOND INDEPENDENT CHANNEL

SIR ROBERT RENWICK ON EFFECT OF NEW AGREEMENTS

The 8th annual general meeting of Associated Television Limited will be held on 26th August, 1963, at 12 noon at ATV House, Great Cumberland Place. London W.1

The following is the statement of the chairman. Sir Robert Renwick, Bt., B.E. circulated with the report and accounts for eleven months ended 31st March, 1963:-

Your Directors decided that it was in the interest of the Company to change its year-end date from 30th April to 31st March and the Accounts now before you are, therefore, for a period of eleven months to 31st March, 1963.

You will see from the Consolidated Profit and Loss Account that the profit of the Group before taxation is £3,405,714 [£59.1m in today’s money allowing for inflation – Ed] for the eleven months as compared with £5,038,204 [£87.5m] for the previous twelve months. This profit is after charging all expenses including depreciation. Taxation based on the profit for the period amounts to £1,556,005 [£27m] and, after making allowance for this and for the interests of outside shareholders, there is left a profit of £1,860,135 [£32.3m] attributable to ATV

The amount retained in subsidiary companies is £249,706 [£4.3m] leaving £1,610,429 [£28m]. Arising from the change in the Parent Company’s year-end date, certain provisions for taxation, made in previous years, amounting £1,546,000 [£26.8m] are no longer required and, together with the unappropriated balance brought forward from last year of £2,424,909 [£42m], make available for appropriation now an amount of £5,581,338 [£96.9m].

An interim dividend of 20% has already been paid and your Directors now recommend a final dividend of 21.25% making a total of 41.25% for the eleven months. This is equivalent to 45% for the full year as against 60% paid in respect of the year to 30th April, 1962. If this recommendation is approved and after transferring a further £500,000 [£8.7m] to Investment Reserve there will be left a balance of £3,906,486 [£67.8m] in the Accounts of the Parent Company.

Balance Sheet Items

Turning to the Consolidated Balance Sheet it will be noted that the Investment Reserve has been used to offset the Goodwill arising on consolidation. Current Assets have increased during the period by £518,077 [£9m] to £8,558,556 [£149m] whereas Current Liabilities have decreased by £816,170 [£14.2m] to £7,440,500 [£129.2m]. It will be noted, however, that Advances from Bankers have increased by £1,781,020 [£30.9m] to £3,018,618 [£52.4m]; this is in the main due to increased investment in the Group’s Fixed and Current Assets and the payment of an exceptionally heavy taxation liability in respect of the financial year 1960/61.

In deciding to change the year-end date from 30th April to 31st March, your Board recognised that this would inevitably mean the exclusion of the profit deriving from one of the more remunerative months in the calendar. Had the trading results for April been included, the profit figures would have been substantially higher.

A decline in profits would nevertheless have been revealed. This decline is due to a variety of causes. In the first place, there has been a drop in revenue from advertising of approximately 5%. Secondly, certain of the subsidiary companies have, as anticipated, made losses in the early stages of their development. Thirdly, the Company was feeling the full effects of the new agreements with Equity and the Musicians’ Union and, to a lesser extent, of a new agreement with the Variety Artistes’ Federation. Some indication of the increases which the Company had to meet in programme expenditure may be gauged by citing a few examples. The settlement with Equity on which work was resumed on 6th April, 1962, provided a new minimum fee for an actor on a networked programme of 36 guineas [£37.80 in decimal, £656 with inflation]; the old fee was 10 guineas [£10.50/£182]. The settlement with the Variety Artistes Federation reached on 17th November, 1961, provided for a new minimum fee of £30 [£521] for a networked programme as against 10 guineas: the settlement with the Musicians’ Union reached on 10th April, 1962, gave a minimum fee of £18 [£312] for a networked programme as against £6 [£104] under the previous arrangement.

Threat of the Television Bill

Historically, the year 1962/63 will be remembered by your Board as one of many and major preoccupations, chiefly concerned with the future of Independent Television in general and with the future of this Company in particular.

In June, 1962, the Report of the Pilkington Committee, which was appointed in July, 1960, was at last published. This Report, which proved to be hostile towards Independent Television as a whole, recommended the total abolition of the system as we know it to-day and the substitution for it of a system whereby the Independent Television Authority was to plan the programmes, arrange for their networking and for the selling of the advertising time – leaving Companies, such at ATV, to play the role merely of programme suppliers to a Government Authority.

It is to the credit of the Government that the main recommendations of the Pilkington Report were rejected. Nevertheless, when, on 20th December, 1962, the Postmaster-General presented his Television Bill it was immediately apparent that the atmosphere Pilkington was still pervasive. For, although it was recommended that the Programme Companies should continue as full operators of the television service in their various areas, it was laid down in the Bill that the Authority should be able to specify not only which programmes should be networked but at what price the originator should be required to supply them.

Nor was this all. The financial provisions in the Bill included a clause empowering the Postmaster-General to impose additional charges on the Programme Companies by way of a tax on profits deriving not only from the operation of a television licence but from the operation of any subsidiary company or companies.

It was because your Board felt that such a discriminatory tax was most improper that we took action. First, I wrote to shareholders warning them of the gravity of the situation; then, on behalf of your Board, I issued a number of statements to the Press; finally, I sought, and obtained, an interview with the Postmaster-General and corresponded with him. Throughout I made it my business to see that Members on both sides of Parliament were informed of the true facts of the situation

I mention these matters because in certain quarters much play has been made of a Television Lobby and the activities of a so-called Television “pressure group”. Those who have been most vociferous in expressing their disapproval have completely ignored the fact that within Independent Television there are nearly as many points of view as there are Companies, and that it was only in respect of certain limited objectives that there was any measure of agreement at all. This state of affairs seems to me healthy. democratic and in the true spirit of free enterprise.

So far as ATV is concerned I would regard it as a total dereliction of my duty as Chairman if, faced by a situation which could obviously be grievously harmful to your Company, I had not exerted every legitimate effort to induce the Government to revise its thinking.

The Board, and shareholders in general, have every reason to be grateful to your Deputy Chairman, Mr. Norman Collins, for the unsparing and untiring work which he devoted to securing improvement in the Television Bill.

An Ill-conceived Levy

Not that our efforts were entirely successful. Quite the contrary, in fact. For on 25th April, 1963, the Postmaster General suddenly withdrew his proposed omnibus tax on profits and substituted for it an arbitrary – and I think thoroughly ill-conceived – levy on turnover. In my view the levy is entirely mis-applied. The purpose of a turnover tax, as it is usually called. is to extract money for the Exchequer at the various stages where profit has accrued in a developing economic process – say between the suppliers of raw materials, the manufacturers, the wholesalers and the retailers. To attempt to apply it to an industry such as Independent Television which has only one operation – the earning money from advertisements to enable it to put out a free service to the public – is clearly a distortion of this taxation principle.

In order to substantiate our case financial statements were made freely available to the Postmaster General and to his colleagues. These statements clearly indicated one thing, viz., that a levy on turnover would affect some Companies far worse than others – your own Company, I regret to say, worst of all.

Why? For the simple and inescapable reason that ATV with its dual and divided seven-day operation in London and the Midlands has two lots of overheads, two lots of studios, two lots of offices, two lots of programme costs and so forth. The revenue – now to be subject to the levy – earned from this dual operation is no larger, and may indeed be smaller, than the revenue earned by a Company operating a five-day service in one area only with one lot of overheads, one lot of studios, one lot of offices, one lot of programme costs and so forth.

The Postmaster General has now said that he will look to the Authority to iron out these inequalities by imposing a system of differential rentals as between the various Companies. It may well prove to be the case, however, that the inequalities are so great that it is only by some measure of re-allocation of days or areas that the Authority will be able to seek to redress the balance.

Competition Achieved

Nevertheless, if your Board has failed in some of its efforts, there is cause for congratulation on one matter of major importance. On 27th June the Postmaster General announced in the House that by 1966, when there should be not fewer than 1½ million television sets in London capable of receiving a new 625-line service in UHF, he would authorise a second Independent Channel in the main areas. That is good news indeed and does much to remove the sourness of a singularly long and frustrating series of negotiations. It represents the culmination of a campaign that your Company alone has fought from the very beginning of Independent Television. Over the years we have repeated in Annual Report after Annual Report that we have never believed that a single Independent Television Service could comply with the basic requirements of the 1954 Television Act that “there is adequate competition to supply programmes between a number of programme contractors independent of each other both as to finance and also to control.” Within a single service the Companies inevitably tend to be complementary rather than competitive. Your own Board, moreover, has always felt that the advertisers. on whom the revenue to support Independent Television depends, should enjoy the freedom of buying in a competitive rather than a monopolistic market.

As the pioneer Company in advocating competition, ATV looks to play its full part over the years in the expanding field of Independent Television.

In the meantime. and for the immediate future. we have concentrated our efforts on making the most effective contribution that can be made in both the areas in which, under the terms of the licence, we are required to provide programmes. The success of London programming at the week-ends will be familiar to all the viewers who live within range of the Croydon transmitter.

4,000,000 Audience in the Midlands

Not that we regard our Midland audience as in any way less important. For those who do not live within the area served by the Lichfield transmitter I should report that for the first time our audiences have topped the four million mark. Many notable figures from all political parties and from all walks of life have appeared in programmes. These have included the Prime Minister, both when he addressed the Birmingham Chamber of Commerce early this year and also when he made his important announcement on leadership only last month at Wolverhampton. In such regional programmes as “Midland Montage”, “Midland Profile”, and “Look Around”. Mr. Iain Macleod and Mr Ernest Marples have appeared; and Miss Jenny Lee and Mr Roy Jenkins have spoken for Labour.

ATV is particularly proud of being the first Company to introduce a regular mid-day programme, and Noele Gordon’s “Lunch Box”, now in its seventh year, is already running into its 1,600th edition. Scarcely less important is the children’s programme conducted by Jean Morton, “The Tingha and Tucker Club”, which now has an estimated membership of half a million children and is firmly established as the most popular children’s programme in Midland television.

Company’s Multiple Interests

From the earliest days of the Company your Board decided on a policy of diversification. In the result our production subsidiary, Incorporated Television Company Limited, has traded widely throughout the Eastern Hemisphere. ITC Ltd. deals with 42 countries in the Eastern Hemisphere, 21 of them in Europe, nine in the Middle East and North Africa, seven in Australasia and the Far East, and five Commonwealth countries in Africa. ITC Ltd. also deals with the three of the Islands in the British Caribbean which operate a television service.

During the twelve months ended 31st March, 1963, over 5,600 hours were sold in these territories, approximately 4,300 hours being sales of film series, the balance telerecordings and documentary-type programmes.

Sales in these areas in this period amounted to £336,810 [£5.9m], and this is a steadily expanding market.

In the U.S.A., Independent Television Corporation has again shown progress in distributing our productions in the Western Hemisphere. Though trading conditions have been difficult within the USA. this Company since its inception has brought not less than $12 million [$119.3m] into this country.

“Fireball XL5”, beginning in the autumn, has been taken for showing on one of the principal American networks, while both “The Saint” and “Broadway Goes Latin” are being sold for syndication.

In partnership with the National Broadcasting Corporation of America and Herbert Brodkin, we are producing twenty-six one-hour episodes of “Espionage” in England. Our Group has world-wide distribution rights in this series outside the U.S.A. The series is to be shown on the N.B.C. Network as well as by our Company in the U.K. and has already been sold for transmission in Australia, Canada and Japan. The production on film of any television series necessitates considerable expenditure which can be recovered only over a period of years and provided a satisfactory sale can be secured in the U.S.A. Not the least of the reasons for deprecating the new levy on turnover is the fact that less money will be available for the production of film series which are vitally important both for home use and for export.

I am happy to say that Australia has emerged from its recession to which I referred last year and the results from our group investments in Australia have once again produced better figures. Our investment in Canada is also making satisfactory progress.

The build-up of our background music service, Muzak, is continuing slowly but steadily. It will be appreciated, however, that inevitably heavy investment in the development of this type of service will take some time before it can be fully recovered and the Company be made profit-making.

In the last eighteen months we have taken the first steps to set up and operate a chain of tenpin bowling centres. Our wholly owned subsidiary, Ambassador Bowling Limited, now has two centres in operation and a further three or four will be in operation in the course of the next twelve months. It is already apparent that tenpin bowling is a sport which has found considerable favour in this country and I am sure that this new venture of ours will prove remunerative over the years.

Pye Records Limited, in which your Company has a 50% holding, continues to make excellent progress and with the advent of its up-to-date recording studios will, I am confident, continue to expand.

As to our large investment in British Relay Wireless and Television, as shareholders will appreciate from the figures recently produced by that Company, it is progressing well.

Top Management

During the year under review,. your Company has seen major changes in top management. Mr. Val Parnell, who has acted as your Managing Director from the inception of the Company, retired at his own request. The services which he rendered during the formative years of the Company cannot be over-valued and we are delighted that he has agreed to remain on the Board and to act in a general advisory capacity, in addition to remaining responsible for one of the most popular programmes on Independent Television, “Val Parnell’s Sunday Night at the London Palladium”. Your Board was fortunate in having his successor so close at hand. Mr. Lew Grade, who over the years has acted as Mr. Parnell’s deputy, was immediately appointed to the top post. Mr. Grade’s appointment has proved to be universally popular throughout the industry and has been widely acclaimed by the Press. The Board regards itself as equally fortunate in obtaining the services as deputy to Mr. Grade of Mr. Edward J. Roth who, prior to joining your Company, was Director-General of Radio Eireann.

In the general context of Independent broadcasting as a whole I am happy that the date of this Annual Report makes it possible for me to be the first to express the feelings of the industry as a whole in welcoming the Rt. Hon. Dr. Charles Hill, now Lord Hill of Luton, as the new Chairman of the Authority. In doing so most warmly I will take this opportunity of thanking Sir John Carmichael who has acted Chairman since the retirement last November of Sir Ivone Kirkpatrick. Independent Television has never felt that it has had a wiser counsellor than Sir John. Once again I would like to express the appreciation of ATV to the Director-General of the ITA, Sir Robert Fraser, and to his colleagues within the Authority.

And now a word of tribute to our staff in London, Birmingham and elsewhere the world over. Despite the cloud of political uncertainties which has hung over the industry every member of ATV’s staff has worked most loyally throughout the year and the Board wishes to express its keen appreciation.

The post ATV financial results: 1963 appeared first on THIS IS ATV NETWORK from Transdiffusion.