Yes it's just received on the ground and sent to the other company. There are receive sites in London for it. The BBC, ITN and Sky have circuits between them and of course they all have circuits to/from the BT Tower
So I assume TV stations in the US aren't as connected as ours? Does your average station have any ad hoc circuits in and out which can be used to connect to any other station?
Not typically unless there’s a sharing agreement. Some stations that share footage from helicopters or general news events that don’t warrant a reporter will fiber, satellite or microwave the content over. However with the advent of devices like LiveU servers and stations usually having high speed Internet access some are going that route.
There are some services such as The Switch which provide fiber circuits amongst hundreds of clients
can provide temporary connections within the city depending on whether the station is connected.
Also the telephone companies don’t do switching anymore like the BT Tower does.