Comcast’s Sky division will acquire ITV’s Media and Entertainment business for up to £1.6 billion. The transaction value reaches approximately $2.1 billion. The deal includes ITV’s linear television channels and the ITVX streaming platform. This acquisition aims to create a domestic competitor against Netflix and YouTube.
The deal includes an upfront cash payment of £1.2 billion. ITV may receive an additional £200 million earn-out based on 2027 advertising performance. Sky will also transfer Love Productions to ITV at a valuation of £200 million.
ITV Studios will separate from the media arm to become a standalone, publicly-listed company. The new entity commits to a £2.1 billion content agreement with ITV Studios. This programming commitment spans from 2028 to 2032.
The companies expect the transaction to close in the second half of 2027. The deal remains subject to regulatory approval. This move allows ITV to focus on global production while Sky expands its UK broadcasting footprint.