As Sky is set to acquire U.K. public service broadcaster ITV, Variety examine the winners and losers.

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.

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