A major investor in the transmission company Arqiva says it expects to mark the value of its stake in the transmission company down to zero, citing regulatory and policy uncertainty including the potential switch-off terrestrial television transmissions.
In a Regulatory News Service statement, Digital 9 said that, based on ongoing year-end valuation work for 31 December 2025, the indicative valuation of its equity interest in Arqiva is expected to fall below the value of its vendor loan note, resulting in a nil equity valuation in its net asset value, subject to audit and board approval.
Digital 9 holds just under 52% of Arqiva.
The company warned Arqiva is exposed to “binary events”, including government policy and regulatory decisions, renewal of key broadcasting contracts and broader market developments — factors that could materially affect the medium-term value of its equity.
The writedown comes as ministers and public service broadcasters including the BBC, ITV and Channel 4 continue discussions over the long-term future of digital terrestrial television.
Under current legislation, digital terrestrial TV via Freeview is guaranteed until at least 2034. However, broadcasters have argued that maintaining energy-intensive terrestrial transmission alongside streaming distribution is increasingly costly as audiences migrate online.
Arqiva operates around 1,500 transmission sites across the UK, reaching 98.5% of the population through the Freeview platform, as well as providing national radio infrastructure.
It has been a campaigner to maintain the Freeview DTT platform, joining Broadcast 2040, alongside groups that include Digital Poverty Alliance and Silver Voices.
The uncertainty has already weighed on investor appetite. In November, Macquarie Asset Management sold its 26.5% stake in Arqiva for £16.5 million, implying a sharply reduced valuation for the business. Broadband TV News previously reported the move as a significant scaling back of Macquarie’s long-standing involvement in the UK broadcast infrastructure operator.
While Arqiva has pointed to a £2.8 billion order book and growth opportunities beyond traditional broadcasting, including media services and utilities, the combination of policy uncertainty and structural shifts in viewing behaviour is now feeding directly into shareholder valuations.
