SKY TO ACQUIRE ITV BROADCASTING ARM FOR £1.6BN

Sky, owned by US telecoms company Comcast, has announced a £1.6bn acquisition of ITV's broadcasting and streaming division. Sky will pay £1.2bn in cash initially for ITV's media and entertainment business, which operates free-to-air television channels and the ITVX streaming platform in the United Kingdom. An additional payment of up to £200m is scheduled for the second half of 2028, contingent on advertising revenues recorded in 2027. The transaction will create the UK's largest commercial broadcaster by combining the two companies' operations.

As part of the arrangement, Comcast will sell Love Productions, the company that produces The Great British Bake Off, to ITV for £200m. The acquisition excludes ITV Studios, ITV's production arm, which remains separate and continues to produce programmes including Love Island, I'm a Celebrity and Mr Bates vs the Post Office. Sky has committed to investing at least £2.1bn in the combined business between 2028 and 2032 as part of a long-term strategic partnership. The negotiations between the two companies concluded after months of discussions.

Andrew Cosslett, ITV's chair, said the transaction secures ITV's position as a public service broadcaster and provides the scale required to compete with international streaming platforms. Sky's acquisition of ITV's broadcasting arm follows a period of industry consolidation as traditional television companies adapt to changing viewer habits. The deal remains subject to regulatory approval and other customary closing conditions, though no timeline for completion has been disclosed.