Comcast’s Sky agrees to buy ITV’s broadcasting and streaming business for £1.6 billion

Comcast’s Sky has agreed to buy the broadcast channels and streaming service of Britain’s ITV in a deal valued at £1.6 billion, or about $2.13 billion, reshaping the country’s television landscape as the industry grapples with falling loyalty to traditional schedules and mounting competition from global streaming platforms.

Under the proposed transaction, Sky would take control of ITV’s public-facing commercial broadcaster and its streaming offering ITVX, while ITV’s management said the future direction is designed to strengthen content investment amid rapid changes in viewer behavior. Sky’s chief executive Dana Strong called the agreement a “defining moment” for British broadcasting, framing it as a response to how platforms such as YouTube, Netflix and Amazon have altered audience habits and advertising expectations.

The combination brings together two very different models: ITV’s free-to-air commercial channels, including its long-running programming, and Sky’s pay-TV business. CNBC reported that ITV will remain a public service broadcaster at the heart of British life, safeguarded by a broadcast license that runs until 2034, with commitments tied to news and original content.

Analysts cited by CNBC said the merged entity would account for more than 70% of the UK television advertising market, including contracts for third-party broadcasters. The scale could increase the leverage of a single operator in a market where streaming providers increasingly compete for both audiences and ad budgets.

Executives also argued that regulators should view the transaction through a lens that reflects how the market has changed. CNBC reported that policymakers and regulators will now decide whether to accept the companies’ position that the size and “radical” nature of the shift warrant greater flexibility in how mergers and their advertising implications are assessed.

ITV’s chief executive Carolyn McCall said combining ITV’s channels and ITVX with Sky would benefit viewers and advertisers. She pointed to the intensity of competition, including U.S. streamers targeting the same audiences and advertising relationships, and said the deal is intended to support continued investment in British programming.

What remains unclear from the public reporting is the precise path to approval, including how regulators will address concerns about concentration in television advertising and distribution. The announcements also did not detail any specific remedies, structural divestitures, or conditions beyond the reported concept that ITV’s public service obligations would be protected through its existing license framework.

For investors and industry watchers, the next test will be regulatory scrutiny and how the companies translate their “British champion” strategy into practical integration, from content commissioning to how advertisers and pay-TV customers experience the combined ITV and Sky offerings. Approval timing, and any required concessions, will likely determine whether the deal’s commercial logic survives the review process.