ITV sells media and entertainment arm to Sky for £1.6bn
ITV is selling its media and entertainment divisions to Sky for £1.6bn in a deal the companies say will create a strong rival to the global broadcasting giants.
The sale includes ITV’s broadcast channels and ITVX streaming service, but the company’s studio arm is not included in the deal.
This is one of the biggest acquisitions in British media history; American Comcast, which also owns Sky, started takeover negotiations in November last year.
Sky CEO Dana Strong described it as “a defining moment for British media”.
“The UK media market is undergoing deep and rapid transformation, and as competition for viewers intensifies, scale is more important than ever to compete with global broadcast giants and YouTube in the UK,” Sky Group said in a statement. he said.
The company said there would be no immediate changes to popular shows.
“Viewers will continue to enjoy the shows they know and love, including Coronation Street, Emmerdale, Love Island, I’m a Celebrity… Get Me Out of Here!, This Morning, Loose Women, Lorraine and News at Ten, as well as major live sporting events,” Sky added in a statement.
ITV is required by law to provide a free-to-air service under its public service broadcasting licence, until at least 2034.
