Sky Acquires ITV in $2.1B Deal Reshaping British Television

Sky has agreed to acquire ITV's television network operations for £1.6 billion ($2.1 billion), creating a UK broadcasting giant under NBCUniversal. The deal includes a £1.2 billion upfront payment and a £200 million contingent payment in 2028. ITV Studios, the production arm, will remain separate and benefit from a £2.1 billion output deal with Sky until 2032, including a side-deal where Sky sells Love Productions to ITV Studios for £200 million. The merger combines Sky's pay-TV and telecom operations with ITV's free-to-air network, which holds a 32% commercial viewing share and streaming service ITVX with 16.5 million monthly active users. Regulatory approval is expected, with combined TV and streaming viewing share at 17.7% in May, behind YouTube's 18.6%. Sky CEO Dana Strong called it a defining moment for British media, while ITV CEO Carolyn McCall expressed confidence in Sky as a custodian. The deal follows a nine-month courtship and reflects industry consolidation amid competition from Netflix and YouTube.