Comcast’s Sky is expanding its media footprint with a major acquisition in the United Kingdom. According to The Hollywood Reporter, Sky has agreed to purchase ITV’s media and entertainment business for £1.6 billion, or roughly $2.13 billion.
The deal includes ITV’s free-to-air television networks and its ITVX streaming platform but does not include ITV Studios, the company’s production division. ITV first revealed it was in discussions with Sky about the sale in November, and the agreement will now allow ITV Studios to operate as a standalone company.
The Hollywood Reporter notes that, as part of the restructuring, ITV Studios will acquire Love Productions, the company behind popular series such as The Great British Bake Off and The Piano. The move expands ITV Studios’ portfolio of owned intellectual property as it prepares to continue independently.
Sky, led by CEO Dana Strong, has continued to grow beyond its traditional pay-TV business in recent years. Alongside its television and streaming services across the United Kingdom, Ireland, and Italy, the company has expanded into broadband and mobile services. Comcast acquired Sky back in 2018.
The acquisition also follows another major change involving Comcast. mxdwn previously reported that the company planned to spin off NBCUniversal and Sky into separate media entities as part of a broader corporate restructuring.
That move was designed to give each business greater flexibility as the media industry continues shifting toward streaming, making Sky’s purchase of ITV’s television networks and ITVX platform another significant step in its evolving strategy. Today’s agreement further strengthens Sky’s position as it expands its presence in the U.K. media market.
Meanwhile, ITV Studios remains one of the television industry’s most active production companies, producing series such as Love Island, Britain’s Got Talent, and Netflix’s Fool Me Once. According to The Hollywood Reporter, ITV Studios has also drawn renewed interest following this week’s merger between Banijay and All3Media.
If approved, the acquisition would significantly strengthen Sky’s television and streaming portfolio while allowing ITV Studios to focus exclusively on content production as a standalone business.