Sky has confirmed its takeover of ITV‘s television network operations just days after Comcast announced plans to spin off NBCUniversal into a separate publicly traded company. Valued at approximately $2.1 billion, the agreement marks one of the biggest media transactions in the UK this year. The acquisition is expected to bring ITV’s television business under Sky’s ownership, subject to regulatory approval.
Sky announces $2 billion takeover of ITV after Comcast split
As per Deadline, Sky has agreed to acquire ITV’s television network operations in a deal valued at approximately £1.6 billion ($2.1 billion). ITV confirmed the agreement on Monday, announcing that its media and entertainment division will be sold to Sky, while ITV Studios will remain outside the transaction.
The companies had been in discussions for several months after ITV disclosed in November that it had received an offer for its media and entertainment business. Under the terms of the agreement, Sky will pay £1.2 billion upon completion, followed by another £200 million in the first half of 2028 if ITV generates £1.7 billion in advertising revenue next year. ITV shareholders are also set to receive a cash return of approximately £950 million, equivalent to 25 pence per share.
The sale does not include ITV Studios, which will continue operating as a separate company. However, Sky and ITV Studios have entered into a £2.1 billion output agreement running through 2032, ensuring the continued production of ITV’s programs, including Love Island, Coronation Street, and I’m a Celebrity…Get Me Out of Here! The agreement also includes a separate £200 million transaction under which Sky will transfer Love Productions, the producer of The Great British Bake Off, to ITV Studios. The acquisition is subject to regulatory approval before it can be completed.
The deal comes shortly after Comcast announced plans to divide its operations into two publicly traded companies. Under the restructuring, NBCUniversal will oversee Universal’s film and television studios, NBC, Telemundo, Bravo, Peacock, Universal’s theme parks, and Sky. Comcast will continue as a standalone connectivity company. The separation was confirmed on June 29 and is expected to be completed within the next year.
