The two British media businesses are set to come under one roof, as ITV has agreed to sell its broadcasting and streaming business to Sky for up to £1.6bn (€1.87bn), in a deal that would create a major new competitor to global streaming platforms.

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

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.

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