UK broadcaster Sky, owned by Comcast, has agreed to acquire ITV’s linear and streaming channels.
The £1.6 billion deal is expected to close in the second half of 2026.
Following completion, ITV’s channels and ITVX will remain free-to-air, with its public service broadcasting commitments continuing to be met in full, said Sky.
As part of the deal, Sky has agreed to enter into a £2.1 billion content supply agreement over five years with ITV Studios. The agreement will support continued investment in British programming while sustaining jobs, skills and growth across the UK’s creative industries.
According to Sky, the combined business will have the resources and technology capabilities to compete more effectively with global media and technology companies in the UK, creating “a scaled alternative UK-based platform for advertisers”.
It added that approximately £200 million in annual cost synergies are expected to be generated on a run-rate basis by the end of the third year after closing, driven by what it described as efficiencies in technology platforms, marketing, and non-UK content.
Speaking about the deal, Dana Strong, Sky Group CEO, said: “This is a defining moment for British media and an opportunity to build a stronger future for two of the UK’s most loved and trusted brands. We have huge respect for the transformation the ITV team has delivered, particularly its successful move into streaming through ITVX, which has brought fantastic British content to millions of viewers across the UK.
“Bringing Sky and ITV Media & Entertainment together combines the very best of free-to-air television, pay-TV and streaming, ensuring viewers across the UK continue to enjoy outstanding British programming in a rapidly changing world.”
Carolyn McCall, ITV’s CEO, added: “ITV has successfully evolved in a rapidly changing media landscape—launching, and scaling, ITVX and developing ITV Studios into a major force in the global content market. This transaction builds on that momentum to deliver clear, tangible value for shareholders.
“At the same time, through the commitments made by Sky, the combined ITV M&E / Sky business will continue to deliver everything about ITV that our viewers and advertisers love and value and our people are hugely proud of – making programmes that reflect and shape society, bringing people together for shared experiences and having the quality, diversity and plurality that are the hallmarks of our contribution to the UK’s creative industries. In addition, all of ITV’s PSB commitments, including regional and national news, are safeguarded under the terms of the Channel 3 Licences until 2034, which Sky is acquiring as part of the Transaction.”
