Comcast's Sky to Acquire ITV's Television Assets in $2.1 Billion Deal
Comcast-owned Sky announced a £1.2 billion cash purchase of ITV's free-to-air channels and streaming service, creating a broadcaster that could reach about 20% of UK households, pending regulatory approval.
Sky, the British media group owned by Comcast, said on Monday it will buy ITV's television arm for £1.2 billion in cash, with performance-linked add-ons that could raise the total value to £1.6 billion. The acquisition includes ITV's free-to-air channels and its streaming platform, while ITV Studios will remain independent. Sky expects the combined entity to account for roughly 20% of home viewing in the United Kingdom.
The deal is part of Comcast's broader restructuring, which earlier this year split NBCUniversal and Sky into a dedicated media and entertainment company and placed its cable and internet operations under a separate umbrella. Comcast also plans to divest its Love Productions unit, known for "The Great British Baking Show," to ITV as part of the transaction.
"ITV will remain a public service broadcaster at the heart of British life, and we’re excited about the future we can build together," said Dana Strong, chief executive of Sky Group.
Regulators must approve the merger, and completion is not expected until next year. Sky has pledged to invest at least £2.1 billion over five years in content from ITV Studios, aiming to support British-centric production and creative jobs.
