Sky agrees to buy British broadcaster ITV for up $2.1 billion to compete with streaming giants

Sky, a UK provider owned by Comcast, has agreed to acquire ITV's media and entertainment arm for up to $2.1 billion. This deal, which includes ITV's terrestrial TV channels and streaming service, aims to establish a significant competitor to global streaming platforms. ITV's production arm, ITV Studios, will remain a separate entity. The combined Sky-ITV business will become part of NBCUniversal after its separation from Comcast. ITV Chairman Andrew Cosslett stated the transaction will create a "UK champion" with the necessary scale and resources to compete more effectively with global streaming services.

Comcast-owned Sky has agreed to acquire ITV's broadcasting and streaming arm for £1.6 billion, aiming to create the UK's largest commercial broadcaster. The deal involves an initial cash payment of £1.2 billion for ITV's free-to-air channels and the ITVX streaming platform, with a potential additional £200 million contingent on 2027 advertising revenues. Sky anticipates this acquisition will enhance its ability to compete with global streaming services. As part of the transaction, Comcast will sell its Love Productions business to ITV for £200 million. ITV Studios, the programme-making division, will remain a separate, publicly listed company.