- ITV will sell its media- - business to Sky for up to $1.6 billion in deals, with the completion of the transaction expected in another 2027 year as part of the deal.
- The deal includes the acquisition of ITV1, ITV2, ITV4, ITV Quiz and the streaming service ITVX from Sky, while not including ITV Studios.
- Sky has said it will finance the acquisition of ITV Studios, valued at about $2.1 billion in 2028–2032, and will also continue to invest in ITV programming until 2034.
ITV has offered to sell its media- - business to Sky, subject to approval, for $1.6 billion in deals. Under the terms of the deal, ITV will receive $1.2 billion in deals upfront in cash from Sky’s Love Productions, which owns Great British Bake Off, and its stake in 200 million in deals. It will also receive an additional $200 million in deals later, depending on certain advertising performance milestones.
It is expected that the deal will be completed in another 2027 year after the regulatory approvals. The deal is also subject to conditions, including that Sky is a London-based company, owned by American media giant Comcast, which also owns NBC and Universal Pictures, while Sky and ITV will operate under NBCUniversal.
According to the deal, Sky will be able to carry ITV1, ITV2, ITV4, ITV Quiz and the ITVX streaming service. The deal will also see Sky gain access to the UK’s advertising market (with the companies’ combined share of 20%) without ITN, which would be responsible for new programming, including Good Morning Britain and News at Ten, as well as other new programs for London.
It is also stated that the deal will not include ITV Studios. Specifically, ITV Studios, which produces Coronation Street, I’m A Celebrity and the drama Mr Bates vs The Post Office, will remain independent of the sale. It is also said that Sky will be able to acquire $2.1 billion in deals in deals over 2028–2032 for ITV Studios content.
Under the deal, ITV in 2024 will sell 10-year rights for the public service broadcasting content until 2034. It is also expected that the deal will allow new programming to be delivered to audiences in the UK. Sky, according to the statement, will also be able to acquire the rights to the content for a period of time, and the details of the deal will be finalized in 2034.
The deal also states that ITV can keep the ITV channel and ITVX, while continuing to access, through Freeview, the Sky platform, and to share Sky News with ITV. In particular, ITV News on Sky News will be made available to viewers, and programs produced by ITV Studios, including Love Island, I’m A Celebrity… Get Me Out of Here!, Coronation Street and Emmerdale, will remain available to viewers via ITV.
According to the analysis, which is provided by the material, there could be potential in the market for competition between platforms in the long term. The material also notes, citing Gill Hind from Enders Analysis, that ITVX has the potential to be used, but that it is currently available to viewers through iPlayer and Channel 4, and that it may be possible for viewers to access the content.
Regarding the regulatory process, the material states that, if the deal is approved, the media regulator Ofcom and the antitrust regulator Competition and Markets Authority (CMA) may review the deal, and the decision could be made based on the impact on competition and the public service broadcasting market.