Home / Business and Economy / ITV Sells Media Division for £1.6 Billion
ITV Sells Media Division for £1.6 Billion
6 Jul
Summary
- ITV's media and entertainment division is sold to Sky for £1.6 billion.
- The deal includes £1.2 billion in cash and an earn-out up to £200 million.
- Love Productions, maker of 'The Great British Bake Off', will join remaining ITV Studios.
British broadcaster ITV announced a significant deal on Monday, agreeing to sell its media and entertainment division to Sky, a subsidiary of Comcast. The transaction is valued at £1.6 billion, marking a major strategic shift for ITV.
Under the terms of the agreement, ITV will receive £1.2 billion in cash as an initial payment. The deal also includes a performance-based earn-out of up to £200 million. This additional sum is dependent on ITV's advertising performance during the 2027 financial year.
In a notable component of the sale, Love Productions, the acclaimed maker of 'The Great British Bake Off,' will be integrated into the remaining ITV Studios business. This move signals a continued focus for ITV on its production capabilities.
