Sky agrees to buy ITV's broadcasting and streaming business for up to £1.6 billion
Comcast-owned Sky will take control of ITV's free-to-air channels and ITVX streaming platform, leaving ITV Studios as a standalone content producer.
The deal
Sky has agreed to acquire ITV's media and entertainment division for up to £1.6 billion ($2.13 billion). The transaction, announced on Monday, includes £1.2 billion in cash at completion, the transfer of Love Productions (maker of "The Great British Bake Off") to ITV Studios at an agreed enterprise value of £200 million, and a further £200 million contingent on advertising revenue targets in the 2027 financial year, payable in the second half of 2028. ITV expects to return roughly £950 million to shareholders, equivalent to 25 pence per share.
- ITV first discloses talks with Sky over its media and entertainment division.
- Deal announced: Sky to acquire ITV M&E for up to £1.6 billion.
- Expected completion of the transaction.
- Contingent payment of up to £200 million payable based on 2027 advertising performance.
What Sky gets
The acquisition hands Sky ITV's commercial free-to-air channels and the ITVX streaming service, which reached 16.5 million monthly active users after nearly 60% growth over four years. ITV's media and entertainment arm generated £2 billion in revenue in 2025 and held a near 32% share of commercial viewing. Combined with Sky, the two broadcasters accounted for an 18.3% share of total TV and streaming viewing in May, just behind YouTube's 18.6%, according to Barb data.
- ITV/Sky combined
- 18.3 %
- YouTube
- 18.6 %
ITV Studios and Love Productions
ITV Studios will remain independent and gain Love Productions, adding "The Great British Bake Off" and "The Piano" to its catalogue. As part of the deal, Sky's new broadcast business commits to a minimum £2.1 billion content spend with ITV Studios between 2028 and 2032, covering shows such as "Coronation Street," "Emmerdale," "Love Island" and "I'm a Celebrity...Get Me Out of Here!" ITV chair Andrew Cosslett said the sale unlocks the value of the studios unit, creating "a distinctive pure-play global content business."
Industry consolidation
The deal follows nearly nine months of talks after ITV first disclosed in November that its media and entertainment division was under offer. It comes as traditional broadcasters consolidate to compete with Netflix and YouTube. Sky and ITV will sit under NBCUniversal once Comcast completes its planned spin-off of the media group. Regulatory clearance is expected, with the companies confident that the upheaval in advertising markets caused by tech platforms will ease competition concerns.
This is a defining moment for British media and an opportunity to build a stronger future for two of the UK's most loved and trusted brands.
I am confident that Sky will be a strong and responsible custodian of ITV M&E, building on its heritage while investing in its future.
Completion is expected in the second half of 2027.
