Britain's ITV public broadcast television network and Sky said Monday they had reached a deal for Comcast-owned Sky to take over ITV's media and entertainment businesses. Comcast is in the process of moving Sky's Europe operation into its NBCUniversal portfolio as part of Comcast's split into distinct media and technology companies. File photo by John Angelillo/UPI
July 6 (UPI) -- Britain's ITV public broadcast television network and Sky said Monday they had reached a deal for Comcast-owned Sky to take over ITV's media and entertainment businesses for as much as $2.1 billion, pending the approval of regulators.
The merger, following eight months of negotiations, will combine the strengths of both groups in a single competitor with the capacity to take on the "global streaming giants" and YouTube in the British market, said the companies.
The deal includes British broadcaster's four free-to-air channels but not its in-house content production hub, ITV Studios, maker of shows such as I'm a Celebrity Get Me Out of Here and Mr Bates Vs The Post Office.
However, the new company has agreed to enter into a $2.8 billion commitment for ITV Studios to supply content from 2028 through 2032, which Sky said was aimed at "supporting British programming, production and creative jobs across the United Kingdom."
