Sky has completed a £1.6 billion deal to buy ITV’s television network operations. ITV announced this to its shareholders, making this important British broadcaster part of the NBCUniversal entertainment group.
This deal comes as traditional television companies, like Paramount and Warner Bros., are merging to stay competitive against streaming services such as Netflix and YouTube. ITV has been in talks about this sale since November.
Sky will pay £1.2 billion right away and another £200 million by mid-2028, depending on ITV’s advertising earnings. ITV’s production division will not be included in the sale. However, Sky will sell its show producer, Love Productions, back to ITV for £200 million.
The two companies are expected to share viewers effectively, as their combined TV and streaming audience reached 18.3% in May. Sky’s CEO described the deal as important for British media, assuring that ITV will remain a public service broadcaster.
ITV, known for hits like Love Island, generates £2 billion in revenue and has a strong streaming service called ITVX. The deal will take time to be fully approved but is seen as a significant step in the industry.
