[Bluecortina]

I don't believe this will lead to anything.

ITV will keep their PSB licenses for the next ten years but after that, well anything can happen. I'd be curious as to how ITVX performs in the next ten years and I think that will depend on whether it becomes successful to the point where they might not want the PSB licenses.

The ITV Licences are auto renewed, which is in the legislation (1990 Broadcasting act)).

Makes you wonder though, if these licences are now auto renewed what do ITV have to do hypothetically to not get them renewed in 2034?

The Channel 3 PSB licences to broadcast are absolutely not auto renewed. 

The power to continue with the current licence holders (ITV) or to re-advertise them completely or to continue with the current holder albeit following adjustments to the PSB requirements as recommended by Ofcom or as requested by the DCMS to Ofcom lies entirely in the hands of the Secretary of State at the DCMS. She, currently Michelle Donelan, has until the middle of 2023 to make up her mind as to which route she wishes to take.

rxtvinfo.com 

In the last licence renewal the Secretary of State at the DCMS (Jeremy Hunt) came to the conclusion that ITV plc should continue with the licences (if they wished - they did) subject to the outcome of satisfactory negotiations and adjustments of their PSB requirements as directed by Ofcom. Hunt was replaced by Maria Miller before this process was completed and she could changed the entire outcome, she decided to continue with Hunt’s decision.