Home / Business and Economy / ITV and Sky Near $2.1B Broadcasting Shake-up
ITV and Sky Near $2.1B Broadcasting Shake-up
25 Jun
Summary
- Sky and ITV are finalizing a $2.1B acquisition deal.
- Love Productions, makers of Bake Off, will join ITV.
- Deal requires approval from Ofcom and CMA.
A significant £1.6 billion ($2.1 billion) acquisition deal between Sky and ITV is reportedly nearing completion, with an announcement expected within the next two weeks. This move is set to bring substantial changes to the British broadcasting sector.
A crucial component of this impending deal involves the acquisition of Love Productions, the creative force behind the popular program The Great British Bake Off, by ITV Studios. This integration of Love Productions into ITV's existing studios division is a notable development.
The transaction pertains to ITV's Media & Entertainment division. Legal professionals are currently in the final stages of formalizing the agreement. The deal requires regulatory scrutiny and approval from both Ofcom and the Competition Markets Authority.
This potential consolidation raises questions regarding the future of the respective news operations of Sky and ITV. ITV's Media & Entertainment business has been highlighted by its chief executive as resilient and profitable.
