Sky, owned by Comcast, agreed to acquire ITV’s broadcasting and streaming arm for £1.6 billion ($2.13-$2.16 billion), including free-to-air channels and the ITVX streaming platform [1, 2, 3, 4, 5]. The deal involves an initial cash payment of £1.2 billion plus up to £200 million payable in 2028 based on 2027 advertising revenues [1, 2, 5].
ITV’s Studios production division is excluded from the acquisition and will remain independent [1, 2, 5]. As part of the transaction, Sky will sell its Love Productions unit, known for The Great British Bake Off, to ITV for £200 million [1, 2, 5].
The combined ITV-Sky entity plans to invest £2.1 billion between 2028 and 2032 [1, 2, 5]. It will create the UK’s largest commercial broadcaster by integrating free-to-air, pay TV, and streaming services [1, 2, 4, 5]. ITV currently reaches about 40 million UK viewers weekly, while ITVX has 16 to 16.5 million monthly active users [4, 5]. Sky’s advanced advertising technology merged with ITV’s audience scale aims to form a connected ecosystem combining TV’s broad reach with digital precision [4].
ITV Chair Andrew Cosslett said, "For over seven decades, ITV has played an important and cherished role in the public life of the nation. At a time of rapid change in the industry, it is right that we now secure ITV’s crucial role as a public service broadcaster and this transaction achieves this with ITV’s media and entertainment division combining with Sky to create a UK champion with the scale and resources to better compete with global streaming platforms" [1]. Sky CEO Dana Strong added, "This is a defining moment. ITV will remain a public service broadcaster at the heart of British life, and we’re excited about the future we can build together" [2].
ITV plans to return about £950 million of the sale proceeds to shareholders, approximately 25p per share [5].
The acquisition remains subject to regulatory approval and is expected to close in the second half of 2027 [2, 5].
