Comcast has announced plans to acquire ITV’s Media and Entertainment business through its UK pay-TV subsidiary Sky, valued at up to £1.6 billion, or roughly $2.14 billion.
The deal comes just one week after Comcast revealed its plan to spin off NBCUniversal into a separate publicly traded company, and sources say the timing of both moves is no coincidence.
Sky, which Comcast acquired for $40 billion in 2018, will purchase ITV’s Media and Entertainment division, with both entities expected to sit under the newly independent NBCUniversal once the separation is complete.
The spinoff of NBCUniversal and Sky is structured as a tax-free transaction and is expected to be completed within approximately one year of its announcement.
The ITV deal itself is expected to close in the second half of 2027, and the transaction will separate ITV Studios into a standalone global content business.
The consideration includes £1.2 billion in cash at completion, Sky’s contribution of its Love Productions unit valued at £200 million, and up to £200 million in contingent payments tied to advertising revenue performance.
Love Productions is the maker of popular UK programs including “The Great British Bake Off” and “The Piano,” and its inclusion adds a significant content library to the overall transaction structure.
ITV is a 71-year-old public service broadcaster and the largest commercial television network in the United Kingdom, home to hit series like Love Island, Britain’s Got Talent, and FIFA World Cup coverage alongside the BBC.
Sky is acquiring a company that generated £2 billion in revenue in 2025, holds a near 32% share of commercial viewing, and operates the ITVX streaming service, which has grown nearly 60% over the past four years to reach 16.5 million monthly active users.
The combined entity is designed to better compete against global streaming giants including Netflix, YouTube, Amazon Prime Video, and Disney+ in the increasingly competitive UK market.
The deal faces several regulatory hurdles before it can be finalized, requiring approval from both the UK’s Competition and Markets Authority and media regulator Ofcom.
The final decision will rest with British government culture secretary Lisa Nandy, adding a layer of political scrutiny to what is already a complex transaction.
Rival broadcasters Channel 4 and Channel 5, both heavily dependent on advertising revenue, are widely expected to oppose the deal on competition grounds.
A further complication involves ITV’s 40% stake in ITN, the news supplier to Channel 4, Channel 5, and ITV itself, which regulators are likely to examine closely.
Comcast’s broader restructuring signals a decisive effort to separate its legacy media and entertainment assets from its more stable broadband and wireless infrastructure business amid rapid industry change.
