Sky has agreed to pay £1.6bn for ITV's broadcast and streaming division, a move described as a "defining moment for British media." The deal, which requires shareholder and regulatory approval, will create the largest commercial broadcaster in the UK.
Deal Details and Scope
The acquisition includes ITV's free-to-air channels and its catch-up service ITVX but excludes ITV Studios, the production arm behind shows like Coronation Street and Emmerdale. The aim is to establish a UK-based streaming platform to compete with global giants such as Amazon Prime, Disney+, and Netflix.
Executives Comment
Dana Strong, Sky Group CEO, said: "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. We have huge respect for the transformation the ITV team has delivered, particularly its successful move into streaming through ITVX."
Carolyn McCall, CEO of ITV plc, stated: "ITV has successfully evolved in a rapidly changing media landscape. This transaction builds on that momentum to deliver clear, tangible value for shareholders." She added that ITV's public service broadcasting commitments, including regional and national news, are safeguarded under Channel 3 Licences until 2034.
Background
The sale was first announced last November. It follows ITV's cost-cutting measures, including reductions in airtime and job cuts for daytime shows like Good Morning Britain, Lorraine, Loose Women, and This Morning. ITV, launched in 1955, is the UK's oldest commercial television network.
Impact
The merger is expected to combine free-to-air TV, pay TV, and streaming services, ensuring continued access to British programming. The deal values the division at £1.6bn and is subject to approvals.
