Sky Acquires ITV's Television Network Operations in $2.1 Billion Deal
By
Jake Kanter, Jesse Whittock
Summary
Sky has agreed to acquire ITV's television network operations in a £1.6 billion ($2.1 billion) deal, bringing a crown jewel of British broadcasting under the NBCUniversal entertainment empire. The acquisition signals a major consolidation trend in traditional television as companies scramble to compete with streaming giants like Netflix and YouTube. The deal puts Sky in control of hit series including 'Love Island' and follows a lengthy courtship period. This move comes alongside other seismic industry shifts, such as the Paramount-Warner Bros. Discovery merger.
Source
DeadlineSky Acquires ITV's Television Network Operations in $2.1 Billion Dealdeadline.comKey quotes
· 3 pulledSky has finally sealed a £1.6 billion ($2.1 billion) deal to acquire ITV's television network operations.
ITV confirmed to shareholders on Monday morning that it will sell to its pay-TV rival, meaning a crown jewel of British broadcasting becomes part of the NBCUniversal entertainment empire.
As the Paramount-Warner Bros. Discovery merger inches towards completion, Sky's acquisition of ITV is another sign that traditional television companies are turning to seismic consolidation to compete with the likes of Netflix and YouTube.
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