Sky, the UK-based TV, internet and mobile phone provider owned by Comcast, has agreed to buy ITV’s media and entertainment arm for up to 1.6 billion pounds, which is $2.1 billion.

Sky’s $2.1 billion ITV deal could reshape British advertising, combining premium TV, streaming and first-party data to create a powerful new platform for brands.

Sky’s $2.1 billion ITV deal is a bet that mass reach, not content alone, is the last scarce asset in British television.

The ITV Studios production arm will become a standalone business after the planned transaction.