ITV is to be expelled from the FTSE 100 index of leading shares to be replaced by discount retailer B&M.
The change, due to take effect later this month, follows a quarterly review of the constituent companies within the FTSE 100 and the lower-tier FTSE 250.
Index manager FTSE Russell confirmed on Wednesday there would be only the one promotion and relegation between the two, based on data collected after Tuesday’s market close.
In ITV’s case, shares have fallen by 60% in the year to date after the advertising market and production schedules were hammered by the coronavirus lockdown.
Sky News reported last month how profits during the first half of ITV’s financial year fell 93% – with ad revenues down by almost half in the second quarter alone.
The broadcaster’s share price plunge has seen its market value sink to £2.4bn.
That is the lowest within the FTSE 100, but relegations are not decided on a company’s capitalisation alone.
In contrast, B&M has seen its market value climb above £4.5bn – rising by almost a quarter.
It was among a string of retailers able to stay open for essential items during the hibernation for much of the wider economy and reported a surge in sales for DIY and gardening products amid the lockdown.
FTSE Russell said the change would take effect from the start of trading on 21 September.