Originally designed to be a contractor for the UK's new ITV under the self-explanatory name Incorporated Television Programme Company, the company failed to win a contract when the Independent Television Authority felt that doing so would give too much control in the entertainment business to the Grade family's companies (which included large talent agencies and theatre interests) although the ITA said that ITPC were free to make their own programmes which they could sell to the new network companies.
However, the winner of one of the contracts, the Associated Broadcasting Development Company (also referred to as the Kelmsley/Winnick consortium) had insufficient funds to start broadcasting, so ITC was brought into the consortium and Lew Grade came to dominate it.
ITC continued as a subsidiary of the new company - originally entitled Associated Broadcasting Company but soon renamed Associated TeleVision (ATV) after threats of legal action from fellow ITV company ABC  - and produced its own programmes for ATV and syndication in the United States. It also distributed ATV material outside of the UK.
The initials 'ITC' stood for two different things - Independent Television Corporation for sales to North and Latin America, and Incorporated Television Company for sales to the rest of the world. The American Independent Television Corporation was formed as a joint venture with Jack Wrather in 1958. In September 1958, the Independent Television Corporation purchased Television Programs of America (TPA) for $11,350,000. Wrather sold his shares of Independent Television Corporation to Lew Grade at the end of the decade.
The large foreign sales achieved by ITC during the British government's exports drives of the 1960s and 1970s led to ATV (and its parent company from 1966, Associated Communications Corporation) receiving the Queen's Award for Export on numerous occasions.
In 2005, to commemorate the 50th anniversary of the founding of the company, Network DVD released a DVD box set entitled ITC 50 featuring episodes from eighteen different ITC productions