Sky Agrees to Acquire ITV's Media Arm for Up to $2.1 Billion
Comcast-owned Sky aims to bolster its position against global streaming giants with the acquisition of Britain's largest commercial broadcaster.
Sky, the UK-based television, internet, and mobile phone provider owned by Comcast, has reached an agreement to acquire the media and entertainment division of ITV for up to 1.6 billion pounds, approximately $2.1 billion. The deal, which follows months of negotiations, is intended to create a significant competitor to major global streaming services.
The acquisition encompasses ITV's terrestrial television channels and its streaming service. However, ITV's production unit, responsible for series such as "I'm A Celebrity," will remain a separate entity.
According to ITV Chairman Andrew Cosslett, the transaction will "create a UK champion with the scale and resources to better compete with global streaming platforms." Upon completion of its split from Comcast, the combined Sky-ITV entity is slated to become part of NBCUniversal.