Sky, the UK-based TV, internet and mobile phone provider owned by US giant Comcast, has agreed to buy ITV’s media and entertainment arm for up to 1.6 billion pounds ($2.1 billion), including debt. The deal, which follows months of talks starting as early as last November, aims to create a major UK champion capable of competing with global streaming platforms.
The acquisition includes ITV’s free-to-air terrestrial TV channels and its ITVX streaming platform. Sky will initially pay 1.2 billion pounds in cash, with an additional payment of up to 200 million pounds possible in the second half of 2028, depending on advertising revenues from 2027.
Under the agreement, ITV Studios, known for the I’m A Celebrity series, will remain an independent company and be spun off into a separate London-listed business. All of ITV’s public service commitments will be maintained throughout the transaction.
The combined Sky-ITV entity is expected to become part of NBCUniversal once its split from Comcast is completed. The two broadcasters stated that the merger will provide the scale and resources necessary to better challenge global streaming giants.