Sky Agrees £1.6bn Deal to Acquire ITV’s Broadcast and Streaming Division

Sky has reached an agreement to buy ITV’s media and entertainment arm for £1.6 billion, a deal that would create the UK’s largest commercial broadcaster and a major streaming challenger to global giants such as Netflix and Amazon Prime Video.

The proposed combination, first revealed last November, is subject to shareholder and regulatory approval. It includes ITV’s free-to-air channels and the ITVX streaming platform, but excludes ITV’s studio operations.

Sky CEO Dana Strong said the integrated streaming platform will reach over 16 million viewers every month. The deal aims to strengthen British content production and compete more effectively in a market dominated by US-based platforms.

Under the agreement, popular ITV programmes including Coronation Street, Emmerdale, I’m a Celebrity… Get Me Out of Here! and Love Island will remain free-to-air. Sky has given guarantees to ITV’s studios wing, committing to spend at least £2.1 billion from 2028 to 2032 on British programming, production and creative jobs.

Sky is also acquiring Love Productions, the maker of The Great British Bake Off, from ITV for £200 million to enhance its creative capabilities.

Strong emphasised that the deal would “supercharge” ITV’s sports offering while maintaining distinct editorial voices for Sky News and ITV News. Job losses are expected in commercial and corporate functions due to duplication, though the company described this as a minority of the synergies.

The transaction is a significant consolidation in the UK media landscape and is expected to face close regulatory scrutiny.