Comcast-Owned Sky Agrees on Terms to Buy ITV’s Broadcast and Streaming Unit (Report)
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- Sky, the Comcast-owned UK pay-TV operator, agreed terms to buy ITV's media and entertainment division — its broadcast and streaming arm — for £1.6 billion ($2.1 billion), per two Reuters sources familiar with the negotiations.
- ITV Studios, the standalone production unit carved out of the Sky deal, would separately acquire "The Great British Bake Off" producer Love Productions in a transaction estimated at £80–120 million, including an earn-out.
- ITV shares rose 2.9% on Thursday following the report, lifting the group's market value to £3.1 billion ($4.08 billion).
- The transaction includes roughly £200 million ($264 million) in performance-based payouts and could close within two weeks, though one source warned legal complications could push the timeline.
- Approval sits with the Competition and Markets Authority, Ofcom, and UK culture secretary Lisa Nandy, with rival broadcasters Channel 4 and Channel 5 expected to oppose on competition grounds.
- ITV's 40% stake in ITN — the news supplier for Channel 4, Channel 5, and ITV — is flagged as a further complication for the deal.
- The merged entity is positioned to compete with Netflix, YouTube, Amazon Prime Video, and Disney+ in the UK streaming market as ITV leans into ITVX amid declining linear audiences.
Why it matters: Sky is paying £1.6 billion to absorb ITV's linear and streaming assets, betting a two-week closing window holds — but the deal's survival depends on culture secretary Lisa Nandy's sign-off and surviving expected opposition from Channel 4 and Channel 5 over competition and ITN news-supply concerns.
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