And now, it’s officially a deal! Comcast‘s Sky said that it has agreed to acquire the media and entertainment (M&E) unit of U.K. TV giant ITV for £1.6 billion ($2.13 billion). The deal covers ITV’s networks and streaming businesses, but not its production arm ITV Studios.
ITV, led by CEO Carolyn McCall, had first disclosed the talks with Sky focused on the company’s commercial free-to-air TV channels in the U.K., as well as its ITVX streaming platform, in November. The planned deal would make ITV Studios a standalone company.
Under its terms, ITV Studios is buying Love Productions, the producer of The Great British Bake Off and The Piano, bolstering its collection of intellectual property.
Sky is led by CEO Dana Strong. It not only operates pay-TV and streaming businesses in the U.K., Ireland and Italy, but also has been growing its telecom offerings, such as broadband and mobile phone operations. Sky also owns the production arm Sky Studios, which is led by Cécile Frot-Coutaz and has been growing its investment in original content creation. Recent Sky Studios productions have included the likes of Mary & George, starring Julianne Moore, The Tattooist of Auschwitz, starring Harvey Keitel, and The Day of the Jackal, starring Eddie Redmayne and Lashana Lynch. Comcast acquired Sky in 2018.
