Sky has reached agreement on terms to purchase ITV’s broadcast and streaming division for a total of £1.6 billion, according to people familiar with the negotiations who spoke to Reuters. The transaction will also see ITV acquire Love Productions from Sky as part of the overall arrangement.
Sources say negotiations advanced over the past week and the deal is now being worked on by lawyers. Sky is controlled by Comcast (NASDAQ:CMCSA), while ITV (LON:ITV) remains listed on the London Stock Exchange.
The reported £1.6 billion figure reflects the inclusion of ITV Studios acquiring Love Productions, a component that insiders indicate could be worth between £80 million and £120 million when compared with similar transactions. In addition, the package is reported to include an earn-out mechanism of roughly £200 million that would be payable subject to the future performance of the ITV unit.
People close to the talks said a public announcement might be possible within the next two weeks. At the same time, they cautioned that outstanding legal details could delay that timetable.
The proposed deal would resolve a process that began last year and became public when ITV disclosed in November 2025 that it was in discussions to sell the business, referred to as Media & Entertainment, to Sky.
Summary: Sky has agreed terms to buy ITV’s Media & Entertainment broadcast and streaming arm for £1.6 billion, with ITV taking ownership of Love Productions as part of the transaction. Lawyers are finalizing the deal, which includes a performance-linked earn-out and could be announced within about two weeks, though legal complexities could delay the announcement.
Details:
- Agreement reached on terms for a £1.6 billion acquisition of ITV’s broadcast and streaming unit by Sky.
- ITV is set to acquire Sky’s Love Productions; sources estimate Love’s value at roughly £80 million to £120 million based on comparable deals.
- The transaction reportedly contains an earn-out of about £200 million contingent on the ITV unit’s future performance.
- Legal teams are finalizing documentation; a deal announcement could occur in the next two weeks, though timing remains subject to legal completion.