Sky & ITV nearing deal for landmark UK broadcasting takeover
Sky and ITV are approaching a definitive agreement that would see the telecom and media operator acquire the UK’s largest free-to-air commercial broadcaster, with sources suggesting a deal could be reached within weeks.
Under the proposed terms, ITV would split its business in two. Sky would acquire ITV’s linear television channels and its digital streaming service, ITVX. Meanwhile, ITV shareholders would retain ownership of ITV Studios, the production arm that creates content for ITV as well as global platforms like Disney.
Sources close to the negotiations report growing confidence that the key elements are falling into place, though they caution that discussions remain ongoing. The transaction has faced delays since its initial announcement last November due to the complexity of separating a business that has been intertwined for 70 years.
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The final deal requires two primary contracts: a Share Purchase Agreement detailing the sale terms, and a Content Supply Agreement ensuring ITV Studios continues to produce flagship shows like Love Island and Coronation Street for the channels under Sky’s ownership. Additionally, Sky’s production assets—including Love Productions, makers of The Great British Bake Off—are expected to transfer to ITV Studios.
While UK executives are handling the negotiations, ultimate approval rests with Comcast, the US media conglomerate that owns Sky, whose legal team is currently reviewing the contracts.
