Commercial Board report

Over the last few years, BBC Commercial has undergone significant transformation to meet changes in the global marketplace and ongoing shifts in audience behaviour, in support of the BBC Group’s strategy.

It now has a diverse portfolio of international businesses, across fast-growing direct-to-consumer services, high-quality content production and popular global brands. There are opportunities for growth whilst maintaining profitability for existing linear channel brands globally.

2025/26 was a successful year for BBC Commercial financially and creatively, in very tough trading conditions, with growth in profits and significant returns to the BBC. The business is on track to meet its ambitious five-year target to return £1.5 billion to the BBC Group between 2022/23 and 2026/27.

In the content studio, rising revenues for consumer products were driven by Bluey’s success, as it became the number one pre-school toy brand by sales in the US, alongside licensed games, clothing, music and live experiences available internationally.

The latest US series of Dancing with the Stars saw significant audience growth, in part thanks to an innovative strategy to create interest for younger audiences online and via social channels. The launch of a new video podcast, which led to increased engagement online, in votes and on screen, provided a model for the brand in other territories.

Alongside successful entertainment brands, there has been an increased focus on the development of scripted formats. Established comedy format Ghosts added local adaptations in six new markets, and there are US versions in development for further titles including Mammoth and Here We Go.

The business is actively exploring new ways of creating and distributing content, with the launch of a specialist AI hub to assess opportunities for the technology, and BBC Studios is playing a key role in the new BBC-wide partnership with YouTube to create content, nurture talent and reach new audiences with BBC IP.

For media and streaming, growth was led by BritBox, giving BBC Commercial a strong strategic footing in direct-to-consumer services alongside the fast-growing on demand documentary service BBC Select and BBC.com.

The business has continued to bear down on costs to protect profit margins, as inflation impacted both its own costs, and those of its suppliers.

During the year, the Board held five scheduled meetings. The focus of Board activity in the year supported the consideration of long-range strategy planning, including options for raising capital to support future growth, plans for the evolution of direct-to-consumer services and the content studio business, and approval of additional investment in BBC.com.

In the year, the terms of appointment for Gunjan Bhow and Bhavneet Singh were extended for a second three-year term to 31 March 2028. However, in April 2026 Gunjan Bhow stood down from the Commercial Board to pursue other interests.

In August 2025, following a competitive recruitment process, Amanda Jones who had been acting CFO since July 2024, was appointed Chief Financial Officer and an Executive Director.

In February 2026 I announced that I would stand down as a Director of the BBC Board and, consequently, as Chair of the Commercial Board on 30 June 2026. In the four years I have been in post, BBC Commercial has evolved to become a competitive international media business with compelling content, globally recognised brands and fast-growing consumer digital services. The significant financial, strategic and creative achievements of the organisation during my tenure leave it well positioned for future success.

The BBC Board has appointed Marinella Soldi as the interim Chair of the Commercial Board to 31 December 2026, whilst a permanent Chair is recruited.

Looking ahead, trading conditions continue to be challenging, but the business has ambitious plans to continue investing in sustainable growth to ensure steady increases in its profit measure, EBITDA, over the longer term. Forthcoming global content landmarks include the third series of the critically acclaimed Blue Planet, and the feature film, The Bluey Movie, which will be a key focus for both the brand and the business in 2027.

Membership of the BBC Commercial Board

BBC Commercial Limited (the ‘Commercial Board’) is composed of ten directors, of which seven are non-executives:

• Sir Damon Buffini (Chair) – standing down at end of term on 30 June 2026
• Gunjan Bhow – resigned with effect from 29 April 2026
• Mai Fyfield
• Ian Griffiths
• Claire Hungate
• Gary Newman
• Bhav Singh
• Marinella Soldi

With three BBC group executive directors:

• Tom Fussell (CEO, BBC Commercial)
• Amanda Jones (CFO, BBC Commercial) – appointed 1 August 2025
• Leigh Tavaziva (COO, BBC Group)

Anthony Corriette is the Commercial Company Secretary

Full biographies of all Commercial Board members, including their other roles, can be found on the BBC’s website.