\n\t\t\t\t\tMega deal represents one of the most significant takeovers in British media history.\t\t\t\t<\/p>\n
Comcast-owned British pay TV group Sky and ITV have confirmed a media deal worth a total consideration of up to \u00a31.6 billion (A$3.067b).<\/p>\n
The sale includes ITV\u2019s terrestrial TV channels and streaming service ITVX to Sky UK, to create a major competitor to the global streaming giants.<\/p>\n
Under the terms of the deal, Sky will pay \u00a31.2 billion ($2.3b) for the broadcasting unit and sell Love Productions (The Piano, The Great British Bake Off) valued at \u00a3200m (A$385m) to ITV.<\/p>\n
Sky has committed to spending at least \u00a32.1 billion (A$4b) over 2028-2032 on the partnership.<\/p>\n
Dana Strong, Sky\u2019s group chief executive, said: \u201cBringing 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.<\/p>\n
\u201cITV will remain a public service broadcaster at the heart of British life, and we\u2019re excited about the future we can build together.\u201d<\/p>\n
She said the takeover was a \u201cdefining moment for British media\u201d.<\/p>\n
Andrew Cosslett, the chairman of ITV, said that \u201cat a time of rapid change in the industry, it is right that we now secure ITV\u2019s crucial role as a public service broadcaster\u201d and that the combined business will \u201ccreate a UK champion with the scale and resources to better compete with global streaming platforms\u201d.<\/p>\n
Production arm ITV Studios, which makes shows including I\u2019m A Celebrity and Mr Bates vs The Post Office is not part of the deal.<\/p>\n