British terrestrial broadcaster, ITV is mulling the idea of buying out half of UKTV for £1 billion.

The Telegraph reports that the BBC, which acquires the other half of UKTV, has right to buy out its partner at a set price before the end of next week. US broadcaster, Discovery currently owns the other half of UKTV.

If the deal for ITV goes through, then it would work with rival, BBC, to combat the threat from US streaming giant, Netflix.

UKTV consists of a number of services including Dave and Gold.