Sky to acquire ITV media and streaming operations for £1.6 billion

Sky has reached an agreement to acquire ITV’s media and streaming operations, including its broadcast channels and the ITVX service, for £1.6 billion. The deal, which is subject to regulatory approval and could take up to a year to finalize, aims to create a major competitor to global streaming giants.

Speaking at the Edinburgh TV Festival, ITV managing director Kevin Lygo addressed concerns regarding the merger. Lygo affirmed that key programming such as ‘Coronation Street’, ‘Emmerdale’, ‘Love Island’, and ‘I’m a Celebrity’ will continue. He noted that the sale will not impact ITV Studios, the broadcaster’s production arm.

Lygo expressed optimism about the acquisition, stating that Sky would not invest such significant capital if they intended to ‘rip us apart and destroy us’. He emphasized that ITV will continue to operate independently until the deal closes and that Sky must adhere to ITV’s existing public service broadcasting license, which includes commitments to news and independent production through 2034.