ITV has agreed to sell its media and entertainment divisions to Sky in a deal valued at £1.6 billion, a move the companies say will create a stronger competitor to global streaming giants. The sale includes ITV's broadcast channels and its ITVX streaming service. Sky chief executive Dana Strong described the acquisition as "a defining moment for British media." The deal is one of the largest takeovers in British media history, with American-owned Comcast, which owns Sky, having initiated takeover talks in November of the previous year. Notably, the deal does not include ITV's studio arm, which produces popular shows such as Love Island and I'm a Celebrity... Get Me Out of Here. Sky has stated there will be no immediate changes to popular programmes, assuring viewers they will continue to enjoy shows like Coronation Street, Emmerdale, and News at Ten. ITV is legally required to provide a free-to-air service until at least 2034 under its public service broadcasting licence. The takeover is subject to regulatory approval, after which ITV Studios will become a standalone business. Under the terms of the agreement, ITV will receive £1.2 billion in cash and Sky's Love Productions business, which produces The Great British Bake Off and is valued at £200 million. ITV could also receive an additional £200 million in 2028 if it meets advertising revenue targets. Sky has also agreed to spend £2.1 billion on content from ITV Studios over five years. Commenting on the deal, Susannah Streeter of Wealth Club said it represents a "significant step in the reshaping of Europe's media landscape," noting that traditional broadcasters must adapt quickly as audiences fragment across streaming platforms and social media.
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