The deal will see Sky buy ITV’s terrestrial TV channels and streaming service ITVX.

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, 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.

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

ITV is the UK’s oldest and largest commercial terrestrial television network