ITV will hand its media and entertainment division to Comcast’s Sky for up to £1.6bn, keeping the Bake Off producer and becoming a standalone studio.

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.