Sky to Buy ITV’s Media Arm for Up to $2.1 Billion: ‘This Is a Defining Moment for British Media’

By Naman Ramachandran

Naman Ramachandran

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It’s finally official. Comcast-owned U.K. pay-TV operator Sky has agreed to acquire ITV‘s Media and Entertainment business for total consideration of up to £1.6 billion ($2.14 billion).

The deal, expected to close in the second half of 2027, will separate ITV Studios into a standalone global content business and return roughly £950 million ($1.27 billion) to shareholders.

The consideration comprises £1.2 billion ($1.61 billion) in cash at completion, the contribution of Sky’s Love Productions – maker of “The Great British Bake Off” and “The Piano” – valued at £200 million ($268 million), and up to £200 million ($268 million) in contingent payments payable in the second half of 2028, tied to advertising revenue performance in fiscal 2027. Sky is fully owned by Comcast, and both Sky and ITV’s M&E business are expected to become part of NBCUniversal once Comcast’s planned separation is complete.

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