Home / Business and Economy / Sky Nears Deal for ITV Studios in £1.6B Acquisition
Sky Nears Deal for ITV Studios in £1.6B Acquisition
25 Jun
Summary
- Sky is nearing a £1.6 billion deal for ITV's broadcast and streaming unit.
- ITV would acquire Love Productions, maker of 'The Great British Bake Off'.
- The deal finalization is currently in the hands of lawyers, with an announcement expected soon.
British pay TV group Sky is reportedly nearing the final stages of a significant acquisition, having agreed on terms to purchase ITV's broadcast and streaming unit. This substantial deal is valued at approximately £1.6 billion.
A key component of the agreement involves ITV acquiring Love Productions, the acclaimed company responsible for producing popular shows such as "The Great British Bake Off" and "The Piano." The valuation of Love Productions is estimated to be between £80 million and £120 million, with the overall transaction value also encompassing an earn-out.
The complex negotiations, which began last year and became public in November, are now in the finalization phase with lawyers. The process involves the intricate separation of ITV's channels and streaming platform, ITVX, from its production arm, ITV Studios, which will operate independently post-completion.
Sources suggest that a formal announcement of the deal could be made in the upcoming two weeks. However, there is a caution that final legal complexities might still cause a delay in the precise timing.
