As part of the transaction, ITV will also acquire Love Productions, the production company behind The Great British Bake Off, currently owned by Sky.
Sky, the Comcast-owned company, announced an agreement to acquire ITV’s Media & Entertainment division for up to £1.6 billion (US$2.13 billion), in one of the largest consolidation deals in the British audiovisual market in recent years.
According to information published by Reuters, the transaction combines ITV’s free-to-air television channels and its ITVX streaming platform with Sky’s pay-TV and broadband business.
The acquisition excludes ITV Studios, the group’s content production and distribution division, which will continue to operate as an independent company and maintain its international operations. As part of the transaction, ITV will also acquire Love Productions, the production company behind The Great British Bake Off, currently owned by Sky.
According to Sky, the deal aims to create a larger-scale British player capable of competing against global giants such as Netflix, YouTube, Amazon, and Disney, in a context marked by the transformation of audiovisual consumption and growing competitive pressure from international platforms.
Dana Strong, CEO of Sky, described the deal as “a defining moment for British broadcasting,” while Carolyn McCall, CEO of ITV, stated that the deal will allow for increased investment in British content and provide greater opportunities for both audiences and advertisers.
The deal must now receive approval from UK regulatory authorities. If finalized, it will represent one of the largest reorganizations in the British audiovisual sector in recent years, bringing together some of the country’s leading free-to-air, pay-TV, and streaming assets.
