Sky owner strikes £1.6bn deal to buy ITV broadcasting in 'rapidly changing' media landscape - business live

ITV’s sale of its broadcasting and streaming business to Sky in a £1.6bn deal marks a major consolidation moment in the “rapidly changing” UK media landscape. The agreement, announced by ITV, includes £1.2bn in cash payable after completion and the contribution of Sky’s Love Productions, which produces The Great British Bake Off, giving an agreed enterprise value of £200m. A further cash consideration of up to £200m is due in the second half of 2028, contingent on advertising targets and trading-balance adjustments. ITV expects the transaction to deliver about £950m to shareholders, or 25p per share, and to spend at least £2.1bn on content supply from 2028 to 2032. Completion is expected in the second half of next year.