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Sky Agrees Landmark £1.6 Billion Deal to Buy ITV’s Broadcasting and Streaming Business
LONDON — Sky has announced a landmark agreement to acquire ITV’s Media and Entertainment division in a deal worth up to £1.6 billion, marking one of the biggest shake-ups in British broadcasting in decades. The transaction is expected to create the UK’s largest commercial broadcaster as traditional television companies seek to compete with global streaming giants.
The agreement covers ITV’s free-to-air television channels and the ITVX streaming platform but does not include ITV Studios, the company’s highly successful production arm. ITV Studios, which produces internationally recognised programmes including Love Island, I’m a Celebrity… Get Me Out of Here! and Mr Bates vs The Post Office, will continue operating as a separate business.
Under the terms of the deal, Sky will pay £1.2 billion in cash on completion, with a further payment of up to £200 million depending on ITV’s advertising performance in 2027. As part of the wider agreement, Sky’s owner, Comcast, will also transfer Love Productions—the company behind The Great British Bake Off—to ITV Studios in a separate transaction worth around £200 million.
Sky has also pledged to invest at least £2.1 billion in content between 2028 and 2032, a commitment aimed at strengthening British television production and ensuring the combined broadcaster remains competitive against international streaming services such as Netflix, YouTube and Amazon Prime Video.
ITV Chair Andrew Cosslett said the agreement would help safeguard ITV’s future as a public service broadcaster while providing the scale needed to compete in an increasingly digital media landscape. Sky Chief Executive Dana Strong described the merger as a defining moment for British broadcasting, bringing together free-to-air television, pay-TV and streaming under one organisation.
Despite the merger, ITV News and Sky News are expected to continue operating independently, while ITV will retain its public service broadcasting obligations. The separation of ITV Studios from the broadcasting business is designed to allow the production company to continue selling programmes to broadcasters and streaming platforms around the world.
The deal still requires approval from shareholders, Ofcom and the Competition and Markets Authority, with regulators expected to examine the impact on competition, advertising and media plurality before giving the final green light. Completion is currently expected during the second half of 2027.
If approved, the acquisition will represent one of the most significant changes to the UK’s television industry in recent history, reflecting the growing pressure on traditional broadcasters to adapt to changing viewing habits and the rapid rise of global streaming platforms.
Attached is a news article regarding Sky to buy ITV and other streaming channels
https://news.sky.com/story/sky-to-pay-1-6bn-for-itvs-broadcast-and-streaming-division-13531722
Article written and configured by Christopher Stanley
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