Less than a week after announcing plans to spin-off NBCUniversal and Sky plc as a separate publicly-traded company, Sky this morning announced a deal to acquire the media and entertainment
operations of the U.K.'s ITV public broadcasting network.
The deal, which at more than $2 billion would be one of the U.K.s biggest includes ITV's broadcast channels and its ITVX
streaming service.
"This is a defining moment for British media and an opportunity to build a stronger future for two of the UK's most loved and trusted brands," Sky Group CEO Dana
Strong said in a statement, noting that ITV would continue to operate as a public broadcaster.
Originally founded in 1955 to provide competition to the BBC, ITV is the U.K.'s oldest
commercial TV network.
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It launched ITVX as an ad-supported and subscription-based streaming platform in 2022.
The companies posted a
microsite providing details on the transaction, including claims for why it will benefit U.K.
viewers, including:
- ITV’s channels and ITVX will remain free-to-air.
- ITV’s public service broadcasting commitments will continue in full.
- ITV News and Sky News will remain distinct editorial voices.