We asked the BBC, given it was not meeting its ambitions for new IP, what steps it would take to increase this. The BBC told us it had appointed a new CEO for BBC Studios production, was bringing in new talent, investing earlier with creatives to secure and grow UK IP, and continuing to support independent producers while increasing the proportion of programming it owns. The BBC said BBC Studios’ commercial model allowed it to take “a bit more risk” than purely advertisingfunded broadcasters, and that the BBC was actively buying UK IP and building it in partnership to retain more value in the UK.50 The BBC also explained that there was an ongoing capitalallocation tradeoff between extracting dividends to support public service content and reinvesting in BBC Studios to build enterprise value and future returns, which it said was being actively managed by the commercial and main boards, but again, this is not visible to us.51 49 Q 41 50 Qq 46, 47 51 Q 41 14 3 Sustaining a universal BBC Serving all audiences in a digital age