Sky has agreed on terms to acquire the broadcast and streaming operations of ITV, marking a significant shift in the structure of the UK media landscape.
Two people familiar with the matter confirmed the agreement, which sees the Comcast-owned pay-TV giant taking control of ITV's core distribution assets.
In a strategic carve-out, ITV will retain ownership of Love Productions, the studio behind the globally successful format "The Great British Bake Off." This separation allows the broadcaster to maintain a foothold in high-value content production while divesting its infrastructure-heavy broadcast business.
The development underscores the ongoing consolidation within the European media sector.
With major players seeking scale to compete against global streaming giants, the combination of Sky and ITV's broadcast unit creates a dominant force in British television distribution.
The deal is expected to face regulatory scrutiny, particularly regarding market dominance and competition in the pay-TV and streaming markets.