Comcast-Owned Sky Acquires ITV’s Broadcast and Streaming Unit: Agreement Reached

Sky, the Comcast-owned U.K. pay-TV provider, has agreed to purchase British broadcaster ITV’s media and entertainment division, focusing on its network arm. According to Reuters, the deal is valued at £1.6 billion ($2.1 billion) and includes ITV Studios acquiring Love Productions, the producer of “The Great British Bake Off,” for an estimated £80-120 million based on similar transactions.

The deal saw positive progress in recent weeks, with lawyers now finalizing the agreement, based on sources speaking on the condition of anonymity. Both ITV and Sky declined to comment on the news. Following the report, ITV’s shares rose 2.9% on Thursday, boosting the company’s market value to £3.1 billion ($4.08 billion).

Last month, Reuters reported that a performance-based payout of around £200 million ($264 million) was expected as part of the deal. While there is optimism for a closure in the next two weeks, potential legal challenges could delay the process. Regardless, this acquisition is shaping up to be a significant move in the British media landscape.