Mega deal represents one of the most significant takeovers in British media history.
Comcast-owned British pay TV group Sky and ITV have confirmed a media deal worth a total consideration of up to £1.6 billion (A$3.067b).
The sale includes ITV’s terrestrial TV channels and streaming service ITVX to Sky UK, to create a major competitor to the global streaming giants.
Under the terms of the deal, Sky will pay £1.2 billion ($2.3b) for the broadcasting unit and sell Love Productions (The Piano, The Great British Bake Off) valued at £200m (A$385m) to ITV.
Sky has committed to spending at least £2.1 billion (A$4b) over 2028-2032 on the partnership.
Dana Strong, Sky’s group chief executive, said: “Bringing Sky and ITV Media & Entertainment together combines the very best of free-to-air television, pay TV and streaming, ensuring viewers across the UK continue to enjoy outstanding British programming in a rapidly changing world.
“ITV will remain a public service broadcaster at the heart of British life, and we’re excited about the future we can build together.”
She said the takeover was a “defining moment for British media”.
Andrew Cosslett, the chairman of ITV, said that “at a time of rapid change in the industry, it is right that we now secure ITV’s crucial role as a public service broadcaster” and that the combined business will “create a UK champion with the scale and resources to better compete with global streaming platforms”.
Production arm ITV Studios, which makes shows including I’m A Celebrity and Mr Bates vs The Post Office is not part of the deal.
Source: London Evening Standard