Sky, owned by US telecoms giant Comcast, has agreed to buy ITV's media and entertainment business for up to £1.6 billion ($2.1 billion). The deal brings together two of the United Kingdom's best-known media and entertainment businesses to create the UK's biggest commercial broadcaster.
The transaction includes ITV's free-to-air TV channels and the ITVX streaming platform. Sky will pay £1.2 billion in cash initially, with a potential further payment of up to £200 million in the second half of 2028, depending on 2027 advertising revenues.
As part of the agreement, ITV will spin off ITV Studios into a separate London-listed business, leaving the seller as a pure production business. All of ITV’s public service commitments will be maintained under the deal.
The deal, which has been under discussion since at least last November, aims to create a strong rival and major new competitor to global streaming giants. Sky CEO Dana Strong described the acquisition as a "defining moment" in British broadcasting.