Sky Strikes £1.6B Deal for ITV's Broadcast Unit, Sends Bake Off Producer to ITV Studios

Sky has agreed to acquire ITV's Media & Entertainment division for £1.6 billion ($2.1 billion), a deal that also reroutes the production company behind one of Britain's most beloved baking shows. According to reports from Variety and Deadline, the Comcast-owned satellite broadcaster will absorb ITV's broadcast and streaming operations, while Love Productions, the creator of "The Great British Bake Off," will be sold to ITV Studios in a separate transaction valued between £80 million and £120 million.

2 sources

VarietySky Agrees to £1.6 Billion Deal to Acquire ITV's Broadcast and Streaming UnitDeadlineSky and ITV Agree £1.6B Deal for ITV's Media & Entertainment Arm; Love Productions to Join ITV Studios

The agreement, which has been in discussion since last year, is now finalized, with an official announcement expected within two weeks. Deadline noted that the deal was confirmed to be in "active discussions" in May. The move is set to significantly reshape the British television landscape, combining Sky's pay-TV and streaming presence with ITV's free-to-air channels and digital platforms.

"The deal is set to shake up British broadcasting."

Variety reported that the acquisition includes ITV's network arm, which encompasses channels like ITV1, ITV2, and ITVBe, as well as the ITVX streaming service. For Sky, the acquisition bolsters its content portfolio and advertising reach at a time when traditional broadcasters are grappling with competition from global streaming giants.

A key element of the transaction is the fate of Love Productions, which will join ITV Studios to strengthen the broadcaster's production capabilities. The separate sale of the "Bake Off" producer, valued up to £120 million, ensures that ITV retains control over one of its most successful programming franchises even as it parts with its distribution arm. Industry observers will be watching to see how the integration affects competition and content availability for viewers across the U.K.