Sky to acquire ITV's media and entertainment unit for £1.6bn

Sky has agreed to acquire ITV's media and entertainment division for a total consideration of up to £1.6 billion, a move that will create the UK's largest commercial broadcaster. The deal, announced on Monday, July 6, 2026, will see the pay-TV giant take control of ITV's free-to-air television channels and the ITVX streaming platform.

Under the terms of the agreement, Sky, which is owned by the US telecoms company Comcast, will pay £1.2 billion in cash upfront. A further £200 million in cash is contingent on ITV's advertising revenue performance in 2027 and would be paid in the second half of 2028. As part of the transaction, Comcast will sell its Love Productions business, the maker of The Great British Bake Off, to ITV Studios for £200 million. The deal does not include ITV Studios, the production arm behind shows such as Love Island, I'm a Celebrity...Get Me Out of Here!, and Coronation Street, which will remain a separate, standalone company.

Sky has committed to a long-term strategic partnership, guaranteeing a minimum spend of £2.1 billion on content from ITV Studios between 2028 and 2032. This ensures the continued production of flagship ITV programs, which Sky stated...