Sky Buys ITV Media Units for £1.6bn, Keeps Flagship Shows Free Until 2034
Updated
Updated · BBC.com · Jul 6
Sky Buys ITV Media Units for £1.6bn, Keeps Flagship Shows Free Until 2034
3 articles · Updated · BBC.com · Jul 6
Summary
£1.6 billion buys ITV’s broadcast channels and ITVX, and Sky says Coronation Street, Emmerdale, Love Island and I’m a Celebrity will stay free-to-air until at least 2034.
2034 matters because ITV’s public-service licence runs until then; Sky also has a five-year content deal with ITV Studios, which was excluded from the sale and will become a standalone business.
£1.2 billion in cash, Sky’s £200 million Love Productions unit and a possible further £200 million in 2028 make up ITV’s consideration, while Sky committed £2.1 billion for ITV Studios content over five years.
Sky and ITV cast the takeover as a scale play against Netflix, YouTube and other streamers as viewing and advertising fragment, though Ofcom and the CMA are expected to scrutinize the combined market power.