After the rumors, the official announcement has arrived. In the United Kingdom Sky to acquire ITV's Media & Entertainment division, under an agreement by 1,6 billion pounds which will give life to the Britain's largest commercial broadcaster, with the aim of competing with the big US giants such as Netflix, Amazon Prime Video and YouTube
Sky-Itv: What the Agreement Includes
Sky, controlled by Comcast, will receive the ITVX platform and ITC free-to-air television channels, while the production activities of the TV studios will remain with ITV.
Under the agreement Love Productions, the company controlled by Sky that produces The Great British Bake Off, will be sold to ITV for 200 million pounds, while the ITV channels will remain free and accessible free-to-air, as well as highly successful programmes in the UK such as Coronation Street, Emmerdale, I'm a Celebrity… Get Me Out of Here! e Love Island, which will continue to not be subject to a paywall.
The new entity born from the union between the two realities will invest at least £2,1 billion in the period between 2028 and 2032. The agreement also provides for the maintenance of all public service obligations of ITV. Regarding the journalism sector, Sky has declared that ITV News, produced by Independent Television News (ITN), and Sky News will continue to operate as distinct and independent news organisations.
La closing of the agreement is expected in the second half of 2027, subject to approval by the Antitrust Authority. After the sale, ITV will remain listed in London. The group expects net proceeds of approximately £1,05 billion, after estimated transaction and separation costs of £185 million. Part of the proceeds will be used to reduce debt; the remainder—approximately £950 million—will be returned to shareholders, equivalent to 25 pence per share.
ITV: "This operation preserves our role as a public service broadcaster."
“For over seventy years, ITV has played an important and valuable role in the public life of the country,” he explained. Andrew Cosslett, Chairman of ITV “At a time of rapid change in the industry, it is right that ITV’s crucial role as a public service broadcaster is now preserved, and this transaction achieves that, with ITV’s Media and Entertainment division joining with Sky to create a UK champion with the scale and resources to best compete with global streaming platforms.”
Carolyn McCall, Chief Executive of ITV, added: “I am confident that Sky will be a strong and responsible custodian of ITV M&E, enhancing its heritage and investing in its future, while safeguarding the qualities that make ITV so beloved by viewers, advertisers and the UK’s creative industries.”
