Comcast's Sky acquires UK's largest commercial broadcaster ITV
Sky, owned by Comcast, is buying ITV's media and entertainment business for £2.1 billion, gaining its free-to-air channels and ITVX platform. The deal will make Sky the second-largest broadcaster in the UK after the BBC.
Deal Details
After nearly a year of secret talks, Sky has confirmed it is acquiring ITV, the UK's biggest commercial broadcaster. The Comcast-owned satellite company is paying £2.1 billion (around $2.8 billion) for ITV's media and entertainment business, which includes its free-to-air broadcast channels and the on-demand platform ITVX, which shares content with Disney+.
Market Impact
If regulators approve the deal, Sky will become the UK's second-largest broadcaster, behind the BBC and ahead of YouTube. Sky states in the announcement that "scale matters more than ever in order to compete with global streaming giants and YouTube." This argument will be crucial to persuade regulators already concerned about plurality following the Paramount/Warner Bros. deal.
What Remains of ITV
ITV will retain its Studios business, which produces series like "The Voice" and "Love Island." As part of the deal, Sky will take control of Love Productions, which produces the "Great British Baking Show" and other competition shows like "Great British Sewing Bee."
