Sky has agreed to buy ITV's television and streaming channels in a deal announced on Monday, in what the broadcaster described as one of the biggest and most significant media takeovers in British history. The agreement brings together two long-established names in British broadcasting and was unveiled as breaking news, with executives saying it would reshape how viewers in the United Kingdom watch television and stream content.
The acquisition covers ITV's television and streaming channels, known as its media and entertainment arm, rather than its programme production business. According to the details set out by the company, the transaction is valued at 1.6 billion pounds in total. That figure is made up of 1.2 billion pounds in cash, along with a further sum of around 200 million pounds linked to Love Productions and additional payments that would depend on how the business performs in the future.
The deal was set out by Sky Group chief executive Dana Strong, who called it an extraordinary opportunity to bring together two of the most iconic brands in media. She pointed to ITV's long history of creating moments that audiences love and to Sky's own track record of innovation, premium drama and quality sport, arguing that combining the two would produce something neither could achieve alone.
At the heart of the plan, according to Strong, is the ambition to build what she called a UK national streaming champion. The company said the combination would create an integrated streaming platform reaching more than 16 million viewers every month, giving it the kind of scale needed to compete for audiences in an increasingly crowded market dominated by global services.
Sport is expected to be a central part of the strategy. Strong said Sky would use its relationships with sporting partners to strengthen and expand the sport offering available on ITV, an area the company sees as a way to draw in viewers and reinforce the appeal of the enlarged platform. Premium drama and other high-profile programming were also highlighted as strengths that each side brings to the partnership.
Executives framed the move as a bet on the future of British broadcasting at a time when traditional pay-television and free-to-air models are under pressure from streaming. Strong said the goal was to build a service designed specifically for the UK viewer, focused on what she described as the cultural moments that matter to the country and the wider community it serves.
The agreement is subject to regulatory approval by Ofcom, and as one of the largest media takeovers the country has seen it is likely to face close examination in the period ahead. Sky has sought to reassure viewers that fan favourites such as Coronation Street, Emmerdale and Love Island will remain free to air, noting that ITV is required by law to provide a free-to-air service until 2034, and that there would be no overlap between Sky News and ITV's news output. Dana Strong also confirmed that the deal did not include ITV Studios, the group's production arm.