ITV has agreed to sell its Media & Entertainment business to Comcast's Sky for up to 1.6 billion pounds. The deal includes 1.2 billion pounds in cash at completion, Sky's Love Productions valued at 200 million pounds, and a further 200 million pounds contingent on 2027 advertising revenue. ITV will retain ITV Studios as a standalone production and distribution business, while its free-to-air channels and streaming service ITVX will transfer to Sky. The company expects net cash proceeds of 1.05 billion pounds, with around 950 million pounds to be returned to shareholders. ITV also backed its full-year outlook, with total advertising revenue projected to rise about 8% in the second quarter.
ITV PLCITV sells Media & Entertainment unit for up to £1.6bn, plans to return £950m to shareholders, and backs outlook.
Comcast CorpSky (Comcast subsidiary) acquires ITV's Media & Entertainment unit, expanding content portfolio and distribution.