Sky’s buy of most of ITV confirmed

Comcast-owned Sky has officially announced a deal to acquire ITV’s broadcast channels and ITVX streaming service in a £1.6 billion, or about $2.13 billion, deal that would combine two of Britain’s largest television businesses as traditional broadcasters face growing pressure from global streaming platforms.

The transaction, announced Monday, July 6, 2026, would bring ITV’s free-to-air commercial channels and streaming platform under Sky, the pay-TV company Comcast acquired in 2018. ITV’s production arm, ITV Studios, would remain a separate business. News of a possible buy first emerged on June 26, 2026.

Sky CEO Dana Strong called the agreement a “defining moment” for British broadcasting in a statement, saying the combined company would support “outstanding British programming” as viewing habits continue to shift.

The proposed deal would create a major player in the U.K. television advertising market, with Sky and ITV together expected to account for more than 70% of TV ad sales, including sales handled for third-party broadcasters, according to analyst estimates.

The scale of that share is likely to draw scrutiny from regulators and lawmakers, who will weigh whether the changing media market justifies allowing greater consolidation among domestic broadcasters. Sky may be required to give up some third-party advertising sales contracts, including those tied to Paramount-owned Channel 5, to address competition concerns.

ITV CEO Carolyn McCall said the combination of ITV’s channels and ITVX with Sky would benefit both viewers and advertisers, citing competition from U.S. streaming companies and changing audience behavior.

ITV would remain a public service broadcaster under its license, which runs through 2034 and includes commitments around news and original programming. Those obligations also provide ITV with prominent placement on TV platforms and access to protected programming, including the soccer World Cup.

News operations are expected to be a central part of the review. Sky operates Sky News, while ITV airs national bulletins produced by ITN and runs its own regional news programming.

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Strong said Sky News and ITV News would remain separate. She also said Sky would maintain its commitment to Sky News beyond 2029, in line with earlier guarantees made by Comcast.

ITV would retain a 20% stake in ITN, while another 20% stake would transfer to Sky as part of the transaction.

The companies said the combined Sky-ITV business would reach more than 20 million households. They are expected to argue that the merger is needed to compete with YouTube, Netflix, Amazon and Disney as younger audiences continue to move away from traditional television.

The deal would leave ITV focused on production through ITV Studios, which makes programs for ITV, Sky and other global platforms. Its credits include “Love Island,” Disney’s “Rivals” and Apple TV’s “The Reluctant Traveller.”

As part of the agreement, the combined Sky-ITV business has committed to spending at least £2.1 billion with ITV Studios from 2028 through 2032.

ITV would receive £1.2 billion in cash, plus as much as £200 million through an earn-out tied to advertising performance in the 2027 financial year. The company plans to return about £950 million to shareholders.

ITV would also receive Love Productions, the producer of “The Great British Bake Off,” which would become part of the remaining ITV Studios business.

Sky said some job losses are expected, though most of the planned £200 million in cost savings would come from marketing, technology and non-British content.